Bitfarms Doubles Down: Bitcoin Miner Expands Convertible Notes Offering to $500M as Investor Demand Surges

Bitcoin mining giant Bitfarms just supercharged its capital raise—doubling the original offering size as institutional money floods into crypto infrastructure.

Market Validation Hits New Highs

When a publicly-traded miner boosts its convertible notes offering from initial projections to a whopping $500 million, you know the smart money's betting on Bitcoin's infrastructure. Strong demand isn't just a buzzword here—it's a fundamental shift in how traditional finance views crypto mining operations.

Strategic Positioning for the Halving Era

This capital injection positions Bitfarms to scale operations ahead of the next Bitcoin halving. More mining rigs, expanded facilities, and upgraded technology—all funded by investors who apparently believe digital gold is worth digging for with heavier equipment.

The Convertible Notes Game

Convertible debt lets institutions dip their toes in crypto waters while maintaining some downside protection. It's the financial equivalent of wanting Bitcoin exposure without actually saying you want Bitcoin exposure—because nothing says 'conservative investment' like betting on volatile mining operations.

Wall Street's latest love affair with crypto miners continues, proving once again that nothing brings traditional finance around faster than the scent of guaranteed returns—until the music stops, of course.

Bitfarms’ $500M Notes Offer 30% Premium Conversion Price, Maturing in 2031

The notes will accrue interest semi-annually starting July 15, 2026, and mature on Jan. 15, 2031.

They feature an initial conversion price of roughly $6.86 per share, a 30% premium to Bitfarms’ last closing price of $5.28.

Bitfarms said proceeds will be used for general corporate purposes and capped call transactions, which are designed to minimize share dilution if the notes are converted.

The company operates mining and high-performance computing facilities across North America, supported by a 1.3-gigawatt energy pipeline, with more than 80% of its capacity based in the U.S.

Bitfarms’ stock (BIFT) dropped 18.4% to $5.28 on Thursday and slipped another 5.3% in after-hours trading, according to Yahoo Finance data.

Despite the pullback, shares remain up more than 80% over the past month, reflecting renewed investor Optimism in the Bitcoin mining sector as crypto markets rebound.

$BITF Break down of today’s $300M offering in layman’s terms. Capped calls will protect Bitfarms stock from dilution. This is a bold bet on the future need of AI/HPC power. It’s a smart move. pic.twitter.com/Ki5ivDJzK1

As reported, in May, Bitfarms faced a proposed investor class action after it disclosed plans to restate its 2022 and 2023 financial results.

The lawsuit accuses the company of improperly accounting for capital raising transactions and misleading shareholders.

The company reportedly failed to maintain adequate internal controls over financial reporting.

As a result, proceeds from digital asset sales were recorded as operating cash FLOW rather than investing cash flow. The firm also overstated its remediation of a material weakness tied to warrant transactions.

US Lawmaker Calls for National Security Probe Into China-Linked Bitcoin Mining Firms

In September, Congressman Zachary Nunn asked the US Treasury to launch a national security review of Chinese firms Bitmain and Cango, citing concerns over their expanding presence in the US crypto mining sector.

In a letter sent to Treasury Secretary Scott Bessent, Nunn pointed to opaque ownership structures, potential state ties, and risks to national infrastructure as grounds for a Committee on Foreign Investment in the United States (CFIUS) investigation.

Bitmain, which dominates over 80% of the global bitcoin mining hardware market, and Nasdaq-listed Cango have both denied any merger plans.

Still, Nunn raised alarms over their growth strategies in the US, complex financing arrangements, and possible involvement in US energy infrastructure.

His concerns follow a $300 million equipment deal between Bitmain’s US arm and a Trump-linked mining firm.

Both companies have stated they comply with US laws and have no ties to foreign governments.