Canadian Bitcoin mining firm Bitfarms has secured up to $300 million in private debt financing from Australian investment powerhouse Macquarie to support its growing data center operations, particularly the Panther Creek project in Pennsylvania.
Announced on April 2, the initial agreement includes a $50 million first tranche, with the remaining funds made available as Bitfarms hits certain development milestones. The loan will help fuel the company’s shift toward high-performance computing and capitalize on the rising demand for AI-driven infrastructure.
“This funding comes at a crucial moment,” said CEO Ben Gagnon, noting the explosive growth of AI and the increasing need for reliable energy and data center capabilities. He described the Macquarie partnership as the start of Bitfarms’ near-term push into data center development.
Each portion of the loan matures two years after being drawn and carries an 8% annual interest rate, with interest on the initial $50 million to be paid in kind for the first three months.
Strategic Location and Market Response
According to Joshua Stevens, associate director at Macquarie, the Panther Creek site is ideally located—less than 100 miles from New York City and Philadelphia—making it attractive for tenants in the high-performance computing space.
The news gave Bitfarms a 2.54% boost on the Nasdaq, reflecting investor confidence in the company’s strategic pivot and capital infusion.
Comes on the Heels of Stronghold Acquisition
This financing round follows Bitfarms’ recent all-stock acquisition of Stronghold Digital Mining, finalized through a stock-for-stock merger. Under the terms of the deal, Stronghold shareholders received 2.52 Bitfarms shares for every share held, with Stronghold’s stock delisted from Nasdaq shortly after.
In total, the deal saw Bitfarms issue nearly 60 million new shares and over 10.5 million warrants, significantly expanding its footprint in the North American mining and data center space.
