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Bitfarms Ltd. (NASDAQ:BITF) shares are trading just above $4 after a sharp correction from this month's highs, as the Bitcoin miner and infrastructure firm completed a $588 million convertible notes offering.
The company announced on Monday that it closed an upsized $588 million issuance of 1.375% convertible senior notes due 2031.
This includes an $88 million option exercised by initial purchasers.
The raise marks Bitfarms' debut in the convertible bond market.
CEO Ben Gagnon said the transaction attracted institutional partners while minimizing dilution through a 125% capped-call structure.
"We now have the financial firepower and flexibility to move forward at full speed with our HPC/AI infrastructure developments in North America," Gagnon stated.
Following the deal, Bitfarms' total liquidity — including cash, Bitcoin (CRYPTO: BTC) holdings, and undrawn credit from its Macquarie project facility surpasses $1 billion.
The company said proceeds will be used for general corporate purposes and to advance its data-center and hashrate expansion.
Bitfarms' renewed focus on high-performance computing aims to diversify revenue amid tightening Bitcoin mining economics.
However, more network hashrate typically translates to rising difficulty and lower hashprice which is potential headwind for profitability if market prices stall.
BITF Price Dynamics (Source: TradingView)
BITF's chart shows the price resting on a long-term ascending trendline that has guided the rally since September.
The $4.00–$4.20 area coincides with the 50-day exponential moving average at $3.94, forming a key support cluster.
Holding this level keeps the bullish structure intact, with the next resistance at the 20-EMA around $4.72.
A successful reclaim could set up moves toward $5.50 and $6.20. Failure to defend $4.00, however, exposes the 100-EMA near $3.09 and deeper support at the 200-EMA around $2.33.
The RSI on the 4-hour timeframe sits near 45, easing from overbought readings earlier this month.
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