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NEW YORK/TORONTO - Bitfarms Ltd. (NASDAQ/TSX:BITF), whose stock has surged over 440% in the past six months and currently trades near its 52-week high, has converted its private debt facility with Macquarie Group into a $300 million project-specific financing facility for its data center campus development in Panther Creek, Pennsylvania, according to a press release statement issued Friday.
The North American digital infrastructure company, which maintains a healthy current ratio of 3.11 and operates with moderate debt levels according to InvestingPro data, will draw an additional $50 million from the converted facility, bringing the total drawn to $100 million. The funds will be used to accelerate equipment purchases and advance high-performance computing (HPC) and artificial intelligence infrastructure development at the site.
Bitfarms CEO Ben Gagnon said the company plans to use the additional $50 million to fund civil works and substation construction at Panther Creek, with groundbreaking expected to begin in Q4 2025. The 350-megawatt campus is projected to be energized by the end of 2026.
"Converting the facility to the project level enables us to draw down on the full facility, accelerating our construction timelines, providing increased flexibility, and positioning us to capitalize on the substantial demand for HPC/AI infrastructure in Pennsylvania," Gagnon stated.
Joshua Stevens, Managing Director at Macquarie Group’s Commodities and Global Markets business, noted that Pennsylvania is "quickly emerging as a new AI infrastructure hub" due to its robust energy and fiber infrastructure.
Northland Capital Markets acted as sole placement agent for the transaction, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel to Bitfarms and Latham & Watkins LLP representing Macquarie.
Bitfarms, founded in 2017, operates vertically integrated data centers and energy infrastructure for high-performance computing and Bitcoin mining. With a market capitalization of $2.31 billion and impressive revenue growth of 42.25% in the last twelve months, the company reports having a 1.3 gigawatt energy pipeline that is more than 80% U.S.-based. For detailed analysis and 20+ additional ProTips about Bitfarms’ financial health and market position, visit InvestingPro, where you’ll find comprehensive research reports and expert insights.
In other recent news, H.C. Wainwright has reiterated its Buy rating on Bitfarms Ltd., setting a price target of $4.00. The research firm emphasized Bitfarms’ expansion into high-performance computing and artificial intelligence data centers as a key factor in its positive outlook. Despite this, the firm noted that Bitfarms’ second-quarter 2025 results were described as "underwhelming." Additionally, Bitfarms shares showed notable performance, outpacing Bitcoin with a 3.3% gain, as investors focused on the company’s strategic initiatives in HPC/AI. In broader market developments, cryptocurrency-exposed stocks, including Bitfarms, have seen gains as Bitcoin surged past $118,000, marking a significant milestone in its rally.
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