Bitfarms secures $300m loan to fuel AI and data center growth

Bitfarms, Canadian company Bitcoin Mining Bitfarms, has obtained up to $ 300 million in private debt from the Australian multinational investment company Macquarie to finance its development of data centers.

Bitfarms concluded an initial agreement for private debt facility up to $ 300 million in Macquarie Equipment Capital to support its Panther Creek Data Center project in Pennsylvania.

In an April 2 press releaseThe Canadian Society on Crypto Mines said that the first branch of the loan was $ 50 million, the rest available if the company “reaches specific development milestones”.

Bitfarms CEO, Ben Gagnon, said that the partnership with Macquarie is the start of its investment in the “short -term development” of the Panther Creek Data Center, adding that within the framework of the AI ​​revolution and the growing power and infrastructure demand, the “arrives at a central time”.

“The maturity of each installation is two years from the closing date. Each installation will bear interest at a rate of 8% per year, with interest on the initial draw of $ 50 million paid in kind during the first three months. ”

Bitfarms

Joshua Stevens, Associate Director of Macquarie, stressed that the location is “less than 100 miles from New York and Philadelphia”, which could make him attractive for high -performance computer tenants. After the announcement, Bitfarms actions increased 2.54% on the NASDAQ.

The loan agreement comes a few weeks after Bitfarms completed Its acquisition entirely in Stronghold Digital Mining shares thanks to a stocking stock for storage, with Strongehold shareholders receiving 2,52 Bitfarms shares for each share of Strongehold they held.

As indicated by Crypto.News, nearly 60 million Bitfarms shares and more than 10.5 million subscription vouchers were issued within the framework of the agreement, and Stronghold’s shares were canceled by Nasdaq and have stopped negotiating.