Bitfarms drops after convertible bonds sale upsized to $500 mln

Keel Infrastructure

17/10/2025 12:17

** U.S.-listed shares of digital infrastructure co Bitfarms BITF.O down 8.1% at $4.85 premarket after above-target capital raise

    ** Canada-based firm late Thurs announced pricing

     private offering of $500 mln 1.375% convertible bonds due Jan 15, 2031

    ** Initial conversion price set at $6.86, 30% above stock's last close of $5.28

    ** BITF shares on Thurs ended session down 18.4%, snapping a 10-session winning streak, after co unveiled $300 mln offering for general corp purposes

** It also intends to use either offering proceeds or cash on hand to pay cost of capped calls; the cap price of $11.88 represents 125% premium to stock's last sale

** Through Thurs, U.S.-listed BITF shares up 87% in Oct and up about 390% over the past three months

** All 9 analysts covering BITF are bullish and their median PT is $3, per LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))