Bitfarms (BITF) (BITF:CA) on Friday announced an exit from Latin America with an up to $30M sale of its 70 MW site in Paso Pe, Paraguay, to the Sympatheia Power Fund.
The Toronto-based energy and digital infrastructure company is expected to receive $9M in cash upon the close of the transaction and up to $21M over the coming ten months on satisfaction of certain payment milestones.
BITF shares were +3.83% pre-market to $2.44.
Sympatheia, a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, will acquire the shares of the single-purpose subsidiary that holds all the operating assets related to the Paso Pe bitcoin mining site.
The transaction is expected to close within 60 days.
“I’m pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American,” said CEO Ben Gagnon.