Bitfarms, a Canadian Bitcoin mining firm, has secured up to $300 million in private debt from Macquarie, an Australian global investment firm, to support the development of its data center.
The company has established a preliminary agreement with Macquarie Equipment Capital for a private debt facility that could reach $300 million, aimed at bolstering its Panther Creek data center initiative in Pennsylvania.
In a press release dated April 2, Bitfarms disclosed that the initial portion of the loan is $50 million, with the remainder becoming accessible as the company meets certain development benchmarks.
CEO Ben Gagnon expressed that the collaboration with Macquarie marks the start of its investment in the “near-term development” of the Panther Creek data center, noting that with the accelerating AI boom and increasing needs for power and infrastructure, this financial support “comes at a critical moment.”
“The maturity of each facility is two years from the date of closing. Each facility will bear interest at a rate of 8% per annum, with interest on the initial draw of $50 million paid in kind for the first three months.”
Bitfarms
Joshua Stevens, an associate director at Macquarie, highlighted that the facility is situated “within 100 miles of New York City and Philadelphia,” making it attractive to potential high-performance computing clients. Following this news, shares of Bitfarms experienced a 2.54% increase on Nasdaq.
This loan agreement arrives shortly after Bitfarms completed an all-stock acquisition of Stronghold Digital Mining, where Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they owned.
As previously reported, nearly 60 million Bitfarms shares and over 10.5 million warrants were part of the transaction, leading to Stronghold’s stock being delisted from Nasdaq and ceasing trading.