Bitfarms proposes $300 million convertible senior notes after shares rise 500% in three months

Group 1 - Bitfarms intends to offer $300 million in convertible senior notes due 2031, with an option for initial purchasers to buy up to an additional $60 million during a 13-day launch period [1] - From July 16 to October 15, Bitfarms shares have increased by 522% [1] - The proposed notes will be senior unsecured obligations accruing interest semi-annually starting July 15, 2026, and maturing on January 15, 2031 [2] Group 2 - Conversions of the notes will be subject to specified conditions and timeframes until October 15, 2030, after which holders may convert at any time until two trading days before maturity [2] - Bitfarms plans to use net proceeds for general corporate purposes and to fund cash-settled capped call transactions to offset economic dilution up to a 125% premium to the last reported sale price of its common shares [3] - The capped calls will cover the number of shares underlying the notes and may be supplemented using proceeds from any exercised option for additional notes [3] Group 3 - At the time of publication, Bitfarms shares are down 5.5% from the previous day's close [4]