Bitfarms Secures Major Funding Boost with $300M Loan from Macquarie
Bitcoin Miner Bitfarms Secures $100 Million Debt Facility with Macquarie
Bitfarms, a leading blockchain technology company and one of the largest publicly traded bitcoin miners, has secured a $100 million debt facility with Macquarie Group, a leading global financial institution.
The five-year debt facility will be used to refinance existing debt and support the company's growth initiatives, including the expansion of its mining operations and the development of new blockchain-based technologies.
"We are thrilled to partner with Macquarie, a highly respected financial institution with a strong track record of supporting innovative companies," said Emiliano Grodzki, CEO of Bitfarms. "This debt facility will enable us to further accelerate our growth and solidify our position as a leader in the blockchain industry."
The debt facility is priced at a floating rate of 3-month LIBOR plus 5.5% per annum, with a commitment fee of 0.5% per annum. The facility is secured by a pledge of Bitfarms' bitcoin mining equipment and other assets.
"We are pleased to support Bitfarms in its growth ambitions," said Michael Fadden, Head of Macquarie's Debt Markets Group. "The company's strong track record and innovative approach to the blockchain industry make it an attractive investment opportunity for us."
Bitfarms has been at the forefront of the cryptocurrency mining industry, with a strong focus on sustainability and environmental responsibility. The company's mining operations are powered by renewable energy sources, and it has set a goal to achieve net-zero emissions by 2024.
The debt facility with Macquarie is the latest in a series of strategic partnerships that Bitfarms has secured in recent months. In August, the company announced a $50 million equity investment from Kingswood Capital Management, a leading private equity firm. In June, Bitfarms also partnered with the City of Rockdale, Georgia, to establish a blockchain-based data center in the city.