Bitfarms Taps Macquarie for $300M to Accelerate 500MW HPC Project in Pennsylvania
Bitfarms (NASDAQ: BITF) has entered into a strategic financing arrangement with Macquarie Equipment Capital Inc., securing access to a private debt facility of up to $300 million to fund the development of a 500-megawatt high-performance computing (HPC) data center at its Panther Creek site in Pennsylvania.
The agreement begins with a $50 million initial draw at the parent company level, allocated toward soft development costs and general corporate needs. The remaining $250 million will be available upon the achievement of key project milestones, with those subsequent tranches secured at the project level.
Each tranche carries a two-year term and an annualized interest rate of 8%. Notably, the first tranche includes a three-month period in which interest is payable in kind. As part of the deal, Macquarie will receive equity warrants linked to future disbursements, priced at a 25% premium to Bitfarms’ recent share price average.
Bitfarms is required to maintain minimum liquidity thresholds and comply with standard financial covenants throughout the life of the facility.
CEO Ben Gagnon emphasized the strategic relevance of Panther Creek, citing its access to multiple energy sources and proximity to large urban centers as major advantages for establishing scalable, redundant HPC infrastructure.
Following the announcement, Bitfarms shares rose 1.44%, trading at $0.81 in early U.S. market activity.
