06:05 AM EDT, 03/11/2024 (MT Newswires) -- Bitfarms Ltd. ( BITF ) , a global Bitcoin vertically integrated company, over the weekend, said that it has established an at-the-market equity program under an at-the-market offering agreement with H.C. Wainwright & Co. LLC as an agent.

The company's shares rose 7.2% in Canada on Friday.

Under the program, the company may, at its discretion and from time to time during the term of the ATM agreement, sell, through the agent, common shares to raise gross proceeds of nearly US$375 million ($505.2 million).

The company plans to use the net proceeds, if any, mainly on capital expenditures to support the growth and development of the company's existing mining operations and for working capital and general corporate purposes.