Bitfarms Updates Prospectus for ATM Equity Offering Amid Stronghold Merger Plans

Bitfarms Ltd. (Nasdaq/TSX: BITF), a global Bitcoin mining company, has announced the filing of a second amended and restated prospectus supplement as part of its ongoing at-the-market (ATM) equity offering program. This update aligns the prospectus with the company's merger plans with Stronghold Digital Mining, Inc., according to GlobeNewswire.

Prospectus Amendments

The updated prospectus supplement, dated December 17, 2024, incorporates pro forma financial statements relevant to the proposed merger with Stronghold, initially announced on August 21, 2024. This filing amends and restates previous supplements from March and October of the same year, under the US$375 million base shelf prospectus filed in November 2023.

ATM Equity Offering Details

Bitfarms' ATM program, facilitated through an agreement with H.C. Wainwright & Co., LLC, allows the company to sell common shares to raise up to US$375 million. As of this update, US$87 million remains available. Sales will occur on the Nasdaq or other U.S. markets at prevailing market prices, with no sales on Canadian exchanges.

The proceeds are earmarked for capital expenditures to expand mining operations and for general corporate purposes. To date, the company has raised approximately US$288 million through this program.

Bitfarms' Operational Footprint

Founded in 2017, Bitfarms operates 12 Bitcoin data centers across Canada, the United States, Paraguay, and Argentina, with two more under development. The company emphasizes sustainability, utilizing hydroelectric power and long-term energy contracts.

Strategic Merger with Stronghold

The merger with Stronghold Digital Mining is part of Bitfarms' strategic growth plan. Stronghold's financial statements for the three and nine months ending September 30, 2024, have been integrated into the updated prospectus, indicating forward momentum in the merger process.

Bitfarms' management continues to navigate the volatile digital currency market, focusing on sustainable growth and leveraging its vertically integrated mining facilities. The company remains committed to enhancing its operational efficiency and expanding its global presence.