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Home»BLOCKCHAIN NEWS»Bitfarms Revises Prospectus for Market Share Offering Program
BLOCKCHAIN NEWS

Bitfarms Revises Prospectus for Market Share Offering Program

By Crypto FlexsOctober 5, 20242 Mins Read
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Bitfarms Revises Prospectus for Market Share Offering Program
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jack anderson
October 5, 2024 12:46

Bitfarms Ltd. updates its prospectus supplement, adjusting its market share offering to reflect the potential acquisition of Stronghold Digital Mining, with $127 million still available under the program.





Bitfarms adjusts products amid acquisition plans

Bitfarms Ltd. (Nasdaq/TSX: BITF), a prominent player in the Bitcoin mining industry, has filed an amended and restated supplementary prospectus for its existing at-the-market (ATM) stock offering program. The amendment primarily addresses the Company’s proposed acquisition of Stronghold Digital Mining, as reported by (GlobeNewswire)(https://www.globenewswire.com/news-release/2024/10/04/2958530/0/en/Bitfarms-). led by file-amended-and-rewritten-documentation-supplement-for-its-existing-At-the-Market-Equity-Offering-Program.html).

First established on March 8, 2024 in partnership with HC Wainwright & Co., LLC, the ATM Program allows Bitfarms to sell common stock at its discretion with the goal of gross proceeds of up to $375 million. The company has already raised approximately $248 million through the program.

Strategic Use of Proceeds

Bitfarms plans to use the remaining proceeds to strengthen its mining infrastructure and support overall company growth. These funds will primarily focus on capital expenditures and general corporate purposes to ensure the expansion and development of existing operations.

Operations and Sustainability

Founded in 2017, Bitfarms operates 12 Bitcoin data centers across Canada, the United States, Paraguay, and Argentina, with two additional centers in development. The company emphasizes sustainability, utilizing hydroelectric power and long-term contracts to minimize its environmental impact.

Market and regulatory considerations

The revised prospectus is part of Bitfarms strategy to align with regulatory requirements and market dynamics. The company’s shares are distributed at the market price at the time of sale, ensuring price and quantity flexibility. The ATM program can be terminated by either party at any time, allowing it to adapt to market conditions.

Forward-Looking Statements

Bitfarms issued a cautionary statement regarding forward-looking information, acknowledging the potential risks and uncertainties of expanding its digital currency markets and operations. These statements are subject to change depending on market conditions and regulatory developments.

For further information, the Company’s amended prospectus and related documents are available on SEDAR+ and the SEC’s EDGAR database.

Image source: Shutterstock


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