Shares of Bitfarms Decline Pre-Market After Company Launches $300M Convertible Notes

Bitfarms Stock Slides Pre-Market Following $300M Convertible Note Announcement Despite 315% YTD Rally

Bitfarms (BITF) shares declined around 4% in pre-market trading on Thursday after the Bitcoin miner announced a $300 million offering of convertible senior notes maturing on January 15, 2031. The company also granted initial purchasers an option to buy up to an additional $60 million in notes within 13 days of issuance.

The unsecured senior notes will pay interest semi-annually starting July 15, 2026, and are convertible into cash, common stock, or a mix of both, at the company’s discretion. Conversion will generally be limited until October 15, 2030, subject to certain conditions.

Bitfarms said the proceeds will be used for general corporate purposes and to execute capped call transactions aimed at minimizing potential dilution up to 125% of the stock’s price at issuance.

The announcement comes after a strong rally in Bitfarms’ stock, which has soared more than 315% year to date and over 400% since September, driven by the company’s strategic shift toward AI and high-performance computing (HPC) infrastructure.