Bitfarms Taps Macquarie for $300M to Kickstart 500MW HPC Project in Pennsylvania
Bitfarms (BITF) has secured up to $300 million in private debt financing from Macquarie Equipment Capital, a division of the global financial services giant Macquarie Group, to fund its ambitious high-performance computing (HPC) expansion at Panther Creek, Pennsylvania.
The first $50 million tranche of the facility has already been drawn at the corporate level. These funds will be used to cover early development costs and general corporate needs. The remaining $250 million will be available as the project hits specific milestones, at which point the financing will shift to being fully secured at the project level.
The debt facility includes two-year term tranches with an annual interest rate of 8%. For the initial draw, interest payments will be made in kind for the first three months. The deal also grants Macquarie equity-linked warrants tied to future funding rounds, with strike prices set at a 25% premium to recent trading levels.
As part of the agreement, Bitfarms is required to maintain minimum liquidity and adhere to standard financial covenants.
Bitfarms CEO Ben Gagnon emphasized the strategic value of the Panther Creek location, citing its proximity to major urban centers and diverse energy sources that ensure reliable, efficient operations. The facility is expected to scale up to 500 megawatts, signaling Bitfarms’ significant push into the growing HPC sector.
Following the announcement, Bitfarms shares were trading up 1.44% at $0.81 in early U.S. market action.
