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Shares of Bitfarms (BITF) surged in Friday morning trade after the company converted its $300 million private debt facility with Macquarie into a project-specific financing for its Panther Creek, Pennsylvania, data center campus.
BITF’s stock surged as much as 15%, with retail sentiment on Stocktwits rising to ‘extremely bullish’ from ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
“We intend to use this drawdown of an additional $50 million to fund civil works and substation construction at Panther Creek, which are on track to begin in Q4 2025,” said CEO Ben Gagon. He stated that the project-level facility gives it greater flexibility to accelerate timelines and access the full $300 million financing, supporting expansion of its North American crypto mining operations.
Bitfarms initially announced the private debt facility of up to $300 million with Macquarie Group in April, alongside its plans for the Panther Creek data center. Its move marked a strategic shift from traditional cryptocurrency mining toward high-performance computing (HPC) and AI infrastructure, like other crypto miners in the sector.
The facility is located on the site of a former waste coal-fired power plant and is designed to support energy-intensive workloads, offering access to nearly one gigawatt (GW) of energy capacity.
Bitfarms has partnered with T5 Data Centers to leverage its expertise in hyperscale development. It expects Phase 1 of the 350-megawatt HPC and AI campus to be energized by the end of 2026.
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