Canadian Bitcoin mining company Bitfarms has secured up to $300 million in private debt financing from Macquarie Group, a major Australian investment firm. The funds will primarily support Bitfarms’ expansion into AI-driven infrastructure and data centers, with a focus on its Panther Creek project in Pennsylvania.
Announced April 2, the financing deal includes an initial $50 million tranche, with additional funding tied to development milestones. CEO Ben Gagnon emphasized the importance of this funding amid growing demand for energy-efficient data centers powered by AI and high-performance computing.
“This funding comes at a crucial moment,” Gagnon said, calling the deal a launchpad for Bitfarms’ near-term ambitions in infrastructure and data development.
Each tranche of the loan matures two years after issuance and carries an 8% annual interest rate, with the first three months of interest on the initial amount to be paid in kind.
Strategic Location and Market Reaction
Macquarie’s Associate Director Joshua Stevens highlighted the Panther Creek site’s proximity to New York City and Philadelphia—making it ideal for AI and HPC tenants.
Following the news, Bitfarms stock rose 2.54% on Nasdaq, signaling investor optimism about the company’s strategic pivot.
Loan Follows Stronghold Acquisition Deal
The financing announcement follows Bitfarms’ recent stock-for-stock acquisition of Stronghold Digital Mining. Under the deal, Stronghold shareholders received 2.52 Bitfarms shares per Stronghold share, with Stronghold stock delisted from Nasdaq shortly after.
The acquisition added nearly 60 million new Bitfarms shares and over 10.5 million warrants to the market—significantly increasing Bitfarms’ presence in the North American mining and infrastructure sector.
