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Bitfarms Stock Plummets 18% Following $300 Million Convertible Notes Announcement
Bitfarms Stock Plummets 18% Following $300 Million Convertible Notes Announcement
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BTCCSquare news:
Bitfarms (BITF) shares cratered 18.4% Thursday as investors balked at the Bitcoin miner's plan to raise $300 million through convertible senior notes. The proposed 2031-maturity securities—which may convert to equity at the company's discretion—come despite unspecified conversion terms and interest rates.
The market reaction underscores investor skepticism about dilution risks in crypto-linked equities. Bitfarms framed the offering as "opportunistic" for corporate purposes, but the scale of the raise rattled shareholders already navigating the sector's volatility. Notably, initial purchasers secured an option to buy an additional $60 million in notes.
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