Bitfarms shares snapping 10-day winning streak after convertible bonds sale unveiled

Keel Infrastructure

16/10/2025 16:13

** U.S.-listed shares of digital infrastructure co Bitfarms BITF.O down 11.9% at $5.70 on Thurs as co seeks to raise capital

** BITF shares had risen prior 10 sessions, racking up a gain of roughly 130%

** Canada-based firm late Weds announced  private offering of $300 mln convertible bonds due Jan 15, 2031

** Co plans to use net offering proceeds for general corp purposes

** It also intends to use either offering proceeds or cash on hand to pay cost of capped calls, derivative transactions employed to help offset potential dilution

** Co has roughly $3.6 bln market cap, per LSEG data

** BITF is the #1 trending ticker on retail investor forum Stocktwits on Thurs

** Even with the decline on the session, shares have surged about 430% over the past three months

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

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

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