Bitfarms is betting big on data centers, securing a $300 million loan from Macquarie Equipment Capital to get there.
The Canadian Bitcoin mining firm finalized an agreement on April 2 for the private debt to boost its Panther Creek data center project in Pennsylvania.
Bitfarms will initially receive $50 million, with the remaining funds released as specific development goals are met.
“The partnership with Macquarie marks the commencement of investment in the near-term development’ of the Panther Creek data center,” said Bitfarms CEO Ben Gagnon. He added that the financing “arrives at a pivotal time” amid growing AI demand for power and infrastructure.
According to Bitfarms:
- Loan terms: Each facility’s maturity is two years from the closing date, with an 8% annual interest rate. Interest on the initial $50 million will be paid in kind for the first three months.
Following the announcement, Bitfarms’ shares saw a 2.54% increase on Nasdaq.
Joshua Stevens from Macquarie noted the Pennsylvania location is “within 100 miles of New York City and Philadelphia,” potentially attracting high-performance computing tenants.
Weeks prior, Bitfarms finalized its acquisition of Stronghold Digital Mining through a stock-for-stock merger, issuing nearly 60 million Bitfarms shares and over 10.5 million warrants. Stronghold’s stock was delisted from Nasdaq as a result.