Macquarie Backs Bitfarms with $300M Credit Line to Power New Panther Creek HPC Initiative

Bitfarms Secures Major Funding from Macquarie to Launch Panther Creek HPC Hub

Bitfarms (BITF) is doubling down on its high-performance computing (HPC) ambitions with a new funding agreement that could total up to $300 million, thanks to a private debt facility from Macquarie Equipment Capital, a division of Macquarie Group.

The first $50 million has already been drawn to cover early development expenses and general operations, laying the groundwork for what’s set to be a 500-megawatt HPC data center at Panther Creek, Pennsylvania. The remaining $250 million will be unlocked in phases as project milestones are met, shifting the financing to a fully secured, project-level arrangement.

Each tranche in the deal comes with a two-year maturity and carries 8% annual interest, with the initial $50 million featuring interest paid in kind for the first three months. In addition, Macquarie receives equity warrants tied to future funding tranches, priced at a 25% premium over Bitfarms’ recent average share price.

As part of the financial agreement, Bitfarms will uphold minimum liquidity requirements and standard corporate covenants.

CEO Ben Gagnon described Panther Creek as a “prime location” due to its access to diverse and reliable power sources, as well as its proximity to major East Coast metro areas. The site is expected to become a major part of Bitfarms’ HPC infrastructure buildout.

Shares of Bitfarms rose 1.44% to $0.81 in early U.S. trading following the news.