Bitfarms Raises Up to $300M from Macquarie to Launch Panther Creek HPC Project
James Van Straten | Edited by Parikshit Mishra , Apr 2, 2025, 1:46 PM UTC
Bitfarms (BITF) announced that it has signed a preliminary agreement for a private credit facility of up to US$300 million with Macquarie Equipment Capital, Inc., a subsidiary of the Commodities and Global Markets business of Macquarie Group.
The funding will support the early stages of development of a high-performance computing (HPC) data center in Panther Creek, Pennsylvania, which is expected to have a capacity of 500 MW.
An initial tranche of $50 million was received at the parent company level to cover development costs and general corporate needs. The remaining $250 million will be available upon completion of key project milestones, after which the asset will be fully secured at the project level.
Each tranche has a two-year term and bears an interest rate of 8% per annum, with the initial tranche providing for interest in kind payments for the first three months.
The financing includes options linked to Macquarie shares that will be priced at a 25% premium to recent market averages. Bitfarms will maintain minimum liquidity levels and comply with several standard covenants.
CEO Ben Gagnon emphasized the strategic importance of the partnership, noting Panther Creek’s strategic location near major cities and its multiple power sources, which facilitates efficient, redundant and scalable operations.
Bitfarms shares rose 1.44% to 81 cents in early U.S. trading.
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