Bitfarms Ltd. (NASDAQ:BITF//TSX:BITF), a global leader in Bitcoin mining, is pleased to announce a significant increase in its stock price of 26.42%. The surge has propelled the stock to a value of $1.34, underlining the company’s strong performance and positive sentiment among investors. The trading volume also reached an impressive 45,584,237 shares, indicating substantial market interest in Bitfarms Ltd.
Additionally, Bitfarms successfully completed a private placement of equity securities, raising approximately C$60 million in gross proceeds. This private placement, fully subscribed by U.S. institutional investors, involved the sale of 44,444,446 common shares and warrants, allowing the purchase of up to 22,222,223 additional common shares. The capital raised will be utilized to expand Bitfarms’ mining infrastructure, acquire additional mining equipment, and bolster its working capital position. This strategic move showcases Bitfarms’ commitment to remaining a top-tier Bitcoin miner and further solidifies its position in the cryptocurrency mining industry.
The private placement was facilitated by H.C. Wainwright & Co., who acted as the exclusive placement agent for the offering. Bitfarms’ ability to attract this significant investment underscores the confidence institutional investors have in the company’s future prospects. By predominantly utilizing environmentally friendly hydroelectric power and long-term energy contracts, Bitfarms is dedicated to minimizing its environmental impact and leveraging sustainable energy sources for its mining operations.
Established in 2017, Bitfarms has rapidly emerged as a key player in the global Bitcoin mining sector. With 11 operational farms across Canada, the United States, Paraguay, and Argentina, Bitfarms has a geographically diverse portfolio that allows for strategic optimization of its mining activities. The successful private placement marks an important milestone for Bitfarms, positioning the company for accelerated growth and increased operational efficiency.
For additional information and updates, investors and stakeholders can visit Bitfarms’ website (www.bitfarms.com) or follow the company on social media platforms such as Facebook, Twitter, Instagram, and LinkedIn.
Please note that this press release does not constitute an offer to sell or a solicitation of an offer to buy any securities. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
For further inquiries, please contact:
LHA Investor Relations
David Barnard
+1 415-433-3777
Investors@bitfarms.com
Actual Agency
Noor Dar
+1 516-270-4009
mediarelations@bitfarms.com
Tact (Québec Media)
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca
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Cautionary Statement Regarding Forward Looking Information
Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.
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