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Bitfarms, A Global Bitcoin Mining Company, Announces $375 Million At-The-Market Equity Offering Program


Bitcoin Mining

March 08, 2024


Bitfarms Ltd. has announced a $375 million at-the-market (ATM) equity offering program. This program was established through an agreement with H.C. Wainwright & Co., LLC as the agent. Under this program, Bitfarms may sell common shares through the agent at prevailing market prices on the Nasdaq Stock Market or another U.S. trading market. No common shares will be offered or sold under this program on the Toronto Stock Exchange (TSX) or any other trading market in Canada.

Project

Latest Raise

Latest Raise

Stage

Total Raise

Category

Bitfarms

March 8, 2024

$375M

Post-IPO

$626.8M

Bitcoin

The proceeds from the ATM program are intended primarily for capital expenditures to support the growth and development of Bitfarms' existing mining operations. Additional uses include working capital and general corporate purposes. The volume and timing of sales will be determined by Bitfarms' management based on market conditions and the terms outlined in the ATM agreement.


Bitfarms has not yet distributed any common shares under the ATM Agreement. The offer and sale of common shares will be made using a prospectus supplement dated March 8, 2024, which is part of the company's existing shelf prospectus dated November 10, 2023. These documents have been filed with Canada's relevant provincial regulatory authorities and the U.S. Securities and Exchange Commission (SEC).


About Bitfarms Ltd:

Founded in 2017, Bitfarms is a global Bitcoin mining company that contributes its computational power to mining pools and receives payment in Bitcoin. The company develops, owns, and operates vertically integrated mining farms. These farms are supported by in-house management, company-owned electrical engineering, installation services, and multiple onsite technical repair centers. Bitfarms employs a proprietary data analytics system to ensure high operational performance and uptime.


Bitfarms currently operates 11 Bitcoin mining facilities and is developing two additional sites. These facilities are located in Canada, the United States, Paraguay, and Argentina. The company emphasizes the use of environmentally friendly hydro-electric power and long-term power contracts to ensure sustainable operations.


Website: https://bitfarms.com/ 

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Bitfarms Bitcoin Mining



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