Bitfarms Stock Surges After Converting Macquarie Debt To $300M Project Financing
Synopsis
Bitfarms said the project-specific financing with Macquarie will be used to purchase long-lead equipment, begin civil construction, and build a substation for its Panther Creek data center campus.
Shares of Bitfarms (BITF) surged in Friday morning trade after the company converted its $300 million private debt facility with Macquarie into a project-specific financing for its Panther Creek, Pennsylvania, data center campus.
BITF’s stock surged as much as 15%, with retail sentiment on Stocktwits rising to ‘extremely bullish’ from ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
Bitfarms stated that it will draw an initial $100 million, including a $50 million top-up, to purchase long-lead equipment and begin construction, covering civil works and a substation. The company said the project-level facility gives it greater flexibility to accelerate timelines and access the full $300 million financing, supporting expansion of its North American crypto mining operations.
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