Bitfarms Stock Slips Pre-Market After Announcing $300M Convertible Note Offering Despite 315% YTD Surge

Bitfarms (BITF) shares fell 4% in pre-market trading on Thursday after the company unveiled plans to issue $300 million in convertible senior notes due January 15, 2031. The offering also includes an option for initial purchasers to buy up to an additional $60 million within 13 days of issuance.

The senior unsecured notes will carry semi-annual interest payments beginning July 15, 2026, and may be converted into cash, common shares, or a combination of both—at the company’s discretion. Conversion rights will remain limited until October 15, 2030, except under certain conditions.

Bitfarms said it intends to use the proceeds for general corporate purposes and to fund capped call transactions aimed at reducing potential dilution up to 125% of the share price at the time of pricing.

Despite the pullback, Bitfarms’ stock has been one of the year’s standout performers—up over 315% year to date and more than 400% since early September—driven by the company’s strategic pivot toward AI and high-performance computing (HPC) infrastructure.