04:33 PM EDT, 10/21/2025 (MT Newswires) -- Bitfarms ( BITF ) , was last seen down 2.7% in after-hours Nasdaq trade on Tuesday as it closed its offering of US$588 million in 1.375% convertible senior notes due in 2031.

The total includes the full exercise of an additional $88-million option granted to the initial purchasers, the company added.

Proceeds are expected to be about US$568 million, the company said, adding that it plans to use the funds for general corporate purposes. It also used existing cash to pay for capped call transactions, which are designed to reduce the potential dilution to shareholders upon conversion of the notes.

"We were able to upsize the deal while improving on pricing, preserving upside, and minimizing potential economic dilution through a 125% capped call, and introduce many high-quality institutional partners into our cap table," Chief Executive Ben Gagnon said.

"We now have the financial firepower and flexibility to move forward at full speed with our HPC/AI infrastructure developments in North America," he added.

The company's shares were last seen down US$0.12 to US$4.37 after hours. They closed down $0.71 to $6.31 on the Toronto Stock Exchange.