Bitcoin Miner Bitfarms Pivots to AI Infrastructure With $300M Pennsylvania Project

TLDR

• Bitfarms stock jumped 16.3% after converting its $300 million Macquarie debt facility into project-specific financing for its Panther Creek, Pennsylvania data center
• The company drew an additional $50 million, bringing total facility draw to $100 million for equipment purchases and AI infrastructure development
• Construction at the Panther Creek campus is set to begin in Q4 2025, with funds supporting civil works and substation construction
• Macquarie’s Joshua Stevens identified Pennsylvania as an emerging AI infrastructure hub with strong energy and fiber infrastructure
• Northland Capital Markets served as sole placement agent, with Skadden and Latham & Watkins providing legal counsel

Bitfarms Ltd. announced on October 10, 2025 that it converted its $300 million private debt facility with Macquarie Group. The debt was restructured into project-specific financing for the company’s Panther Creek, Pennsylvania data center campus.

The North American energy and digital infrastructure company’s stock rose 16.3% following the announcement. Bitfarms specializes in building and operating data centers for high-performance computing and Bitcoin mining.

The conversion allows Bitfarms to access the full facility amount for the Pennsylvania project. Previously, the debt facility served general corporate purposes.

Bitfarms drew an additional $50 million from the facility after the conversion. This brings the total amount drawn to $100 million.

The company will use the funds to purchase long-lead time equipment. The money also supports development of high-performance computing and artificial intelligence infrastructure at the location.

CEO Ben Gagnon said the conversion to project-level financing opens access to the full facility amount. He stated this accelerates construction timelines at the site.

Gagnon explained the move positions Bitfarms to meet demand for HPC and AI infrastructure in Pennsylvania. The state is developing into a key location for this type of infrastructure.

Construction Timeline and Funding

The additional $50 million will fund civil works at the Panther Creek campus. It will also support substation construction at the facility.

Construction activities are scheduled to begin in the fourth quarter of 2025. This represents an acceleration from previous development plans.

The project-specific financing structure provides more flexibility for infrastructure development. This differs from general corporate debt facilities.

Joshua Stevens serves as Managing Director at Macquarie Group’s Commodities and Global Markets business. He commented on Pennsylvania’s position in the AI infrastructure market.

Stevens called Pennsylvania an emerging AI infrastructure hub. He pointed to the state’s energy infrastructure as a key advantage.

Transaction Details

Pennsylvania also has strong fiber infrastructure according to Stevens. These factors position Bitfarms to deliver digital infrastructure in the region.

Northland Capital Markets acted as the sole placement agent for the transaction. The firm handled the conversion process between Bitfarms and Macquarie Group.

Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Bitfarms. Latham & Watkins LLP represented Macquarie in the transaction.

Bitfarms was founded in 2017 and operates data centers across the Americas. The company focuses on growth in the United States.

The company has a market capitalization of $2.2 billion. Average trading volume stands at 55 million shares.

The stock has posted a year-to-date price performance of 159.01%. Technical sentiment signals indicate a buy rating from analysts.

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