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Bitcoin Miner Bitfarms to Raise $31M in Sale of Shares to Institutional Investors
The additional funding will go towards the acquisition of more miners, expanding infrastructure and boosting working capital.
Canadian bitcoin mining firm Bitfarms (BITF) has entered into a multi-million dollar agreement for a private placement of shares with institutional investors, marking the firm's third financing sale in a month.
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- According to a press release on Monday, the firm expects gross proceeds of about CAD$40 million (US$31.3 million) via the sale in the U.S. of 11,560,695 common shares, alongside the option to buy another tranche of the same number of common shares, all for CAD$3.46 (US$ 2.71) per share.
- The net proceeds of the private placement will be used to purchase additional miners, expand infrastructure and boost working capital, according to the company.
- "This additional financing will allow us to further grow," said Bitfarms CEO Emiliano Grodzki. "We are ... pleased to continue to expand our institutional presence in the U.S."
- The private placement is expected to close on Wednesday pending approval by Calgary-based TSX Venture Exchange.
See also: Bitcoin Miner Bitfarms Closes $15M Brokered Private Placement
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
