Press Release

Bitfarms Announces CAD $20 Million Private Placement with US Institutional Investors

Bitfarms Ltd. (“Bitfarms”, or the “Company”) (TSXV:BITF) (U.S.:OTC:BFARF), a Canadian publicly listed bitcoin mining operation, has entered into subscription agreements with certain institutional investors for gross proceeds of approximately CAD$20.0 million in a private placement in the United States of its equity securities, comprised of 8,888,889 common shares along with warrants to purchase an aggregate of up to 8,888,889 common shares at a purchase price of CAD$2.25 per common share and associated warrant. The warrants have an exercise price of CAD$2.75 per common share and an exercise period of three years. The net proceeds of the private placement will be used by the Company principally to acquire additional miners, expand infrastructure, and improve its working capital position.

The private placement is expected to close on or about January 6, 2021, subject to satisfaction of customary closing conditions.

“We are pleased to welcome these investors to Bitfarms as we continue to grow our miner count. There has never been a more exciting time to be a part of the cryptocurrency mining industry. We are very pleased to have established an institutional presence in the United States.,” said Emiliano Grodzki, CEO of Bitfarms.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the private placement in the United States.

Bitfarms has sights set on growth and expansion towards its mission to provide 3 Exahash of computing power by the end of 2021, which will continue to contribute to the rapid growth of the global, decentralized financial economy.


The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933 and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall it constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.

About Bitfarms Ltd.

Bitfarms is one of the largest public bitcoin mining operations in the world and is listed on the TSX-V. Founded in 2017 it has 5 industrial-scale facilities across Quebec, Canada, and is responsible for mining about 1% of the entire supply of bitcoin. Bitfarms run vertically integrated mining operations with onsite technical repair, data analytics, and engineers to deliver the computing power needed to contribute to the rapid growth of the global decentralized financial economy.

For corporate inquiries, please contact:

Geoff Morphy

[email protected]


For media inquiries, please contact:

Ellis Ballard

[email protected]


***This press release was originally posted here.

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CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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