Bitfarms Shares Drop Pre-Market After Unveiling $300M Convertible Note Offering, Capping Stellar AI-Driven Rally
Bitfarms (BITF) stock fell about 4% in pre-market trading on Thursday after the company announced plans to issue $300 million in convertible senior notes due January 15, 2031. The deal includes an option for initial purchasers to acquire an additional $60 million within 13 days of the offering’s launch.
The senior unsecured notes will carry semi-annual interest payments beginning July 15, 2026, and may be converted into cash, Bitfarms common shares, or a combination of both, at the company’s discretion. Conversion will be restricted until October 15, 2030, except under certain conditions.
Proceeds from the sale will fund general corporate purposes and capped call transactions aimed at reducing potential dilution up to 125% of Bitfarms’ share price at the time of pricing.
Despite Thursday’s pullback, Bitfarms’ stock remains one of 2025’s standout performers, up over 315% year to date and more than 400% since early September, fueled by the miner’s strategic pivot toward artificial intelligence (AI) and high-performance computing (HPC) infrastructure.
