Bitfarms (BITF) shares rose 13% in U.S. noon trading. News shows that the company has converted its previously announced Macquarie private debt financing facility into a special project loan of up to US$300 million to fund the first phase of its Panther Creek campus project. The company immediately withdrew an additional US$50 million to speed up equipment procurement, start civil engineering and substation construction.
The financing tool, originally led by Macquarie's Commodities and Global Markets division, has now been fully dedicated to the Black Panther Creek Park project, allowing Bit Farm to access the entire US$300 million in committed funding. As of the completion of the transaction, the company has withdrawn US$100 million (US$50 million more than the previously withdrawn amount); according to the plan, the first phase of the Heibao Creek Park project will break ground in the fourth quarter of 2025 and will be electrified by the end of 2026. operation.
Ben Gagnon, CEO of Bit Farms, said the conversion of the financing structure to project-level dedicated loans "accelerates our construction progress, improves funding flexibility, and allows us to seize Pennsylvania's huge demand for high-performance computing (HPC)/artificial intelligence (AI) infrastructure to fully seize market opportunities."
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