Bitfarms (BITF) share price is down 4% premarket as it announced a proposed offering of $300 million in convertible senior notes due January 15, 2031, with an option for initial buyers to purchase an additional $60 million within 13 days of issuance.
The notes, senior unsecured obligations, will pay interest semiannually beginning July 15, 2026 and may be converted into cash, common stock or a combination of both, at the company’s election.
Conversion will be restricted before October 15, 2030, subject to certain conditions. Proceeds will be used for general corporate purposes and to fund capped call transactions designed to offset dilution of up to 125% of Bitfarms’ share price to the price.
Bitfarms shares are up 315% so far this year and are up 400% since the beginning of September due to the business model pivot toward AI infrastructure.
