Bitfarms .(US:BITF) Benzinga·2025-10-22 15:06Core Insights - Bitfarms Ltd. has completed a $588 million convertible notes offering, marking its debut in the convertible bond market and strengthening its balance sheet [2][3]. Financial Position - The company issued 1.375% convertible senior notes due 2031, which included an $88 million option exercised by initial purchasers [2]. - Following the offering, Bitfarms' total liquidity exceeds $1 billion, which includes cash, Bitcoin holdings, and undrawn credit from its Macquarie project facility [3]. Strategic Focus - The proceeds from the offering will be utilized for general corporate purposes and to advance data-center and hashrate expansion [3]. - Bitfarms is shifting its focus towards high-performance computing (HPC) and artificial intelligence (AI) infrastructure to diversify revenue streams amid challenging Bitcoin mining economics [4]. Market Dynamics - The increase in network hashrate may lead to rising difficulty and lower hashprice, which could pose challenges for profitability if market prices stagnate [4]. - The company's stock is currently trading around $4, with key support levels identified between $4.00 and $4.20, coinciding with the 50-day exponential moving average [7]. Technical Analysis - A successful price reclaim could lead to potential moves towards $5.50 and $6.20, while failure to maintain the $4.00 level could expose deeper support levels around $3.09 and $2.33 [8].