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- Bitfarms (NASDAQ:BITF) has priced a $500M offering of 1.375% convertible senior notes due 2031, up from the originally announced $300M.
- An additional $88M in notes may be sold if initial purchasers exercise a 13-day over-allotment option in full.
- The convertible notes are senior unsecured, pay semi-annual interest, and mature on January 15, 2031.
- Initial conversion rate: 145.69 common shares per $1,000 principal, implying a conversion price of ~$6.86/share.
- Notes can be converted under specific conditions prior to Oct. 15, 2030, and freely after that until maturity.
- Proceeds will be used for general corporate purposes, and potentially to fund capped call transactions (to reduce share dilution upon conversion).
- Closing expected on or about October 21, 2025.
