Bitfarms Amends Prospectus for At-the-Market Equity Offering Program

Bitfarms Adjusts Offering Amid Acquisition Plans

Bitfarms Ltd. (Nasdaq/TSX: BITF), a prominent player in the Bitcoin mining industry, has filed an amended and restated prospectus supplement to its existing at-the-market (ATM) equity offering program. This amendment is primarily driven by the company’s proposed acquisition of Stronghold Digital Mining, as reported by [GlobeNewswire](https://www.globenewswire.com/news-release/2024/10/04/2958530/0/en/Bitfarms-Files-Amended-and-Restated-Prospectus-Supplement-for-its-Existing-At-the-Market-Equity-Offering-Program.html).

The ATM program, initially established on March 8, 2024, in collaboration with H.C. Wainwright & Co., LLC, allows Bitfarms to sell common shares at its discretion, aiming for gross proceeds of up to $375 million. The company has already raised approximately $248 million through this program.

Strategic Use of Proceeds

Bitfarms intends to utilize the remaining proceeds to enhance its mining infrastructure and support overall corporate growth. The funds will primarily focus on capital expenditures and general corporate purposes, ensuring the expansion and development of its existing operations.

Operations and Sustainability

Founded in 2017, Bitfarms operates 12 Bitcoin data centers across Canada, the United States, Paraguay, and Argentina, with two additional centers under development. The company emphasizes sustainability, leveraging hydroelectric power and long-term contracts to minimize its environmental footprint.

Market and Regulatory Considerations

The amended prospectus is part of Bitfarms’ strategy to align with regulatory requirements and market dynamics. The company’s shares are distributed through market prices at the time of sale, ensuring flexibility in pricing and volume. The ATM program can be terminated by either party at any time, offering adaptability in response to market conditions.

Forward-Looking Statements

Bitfarms has issued cautionary statements regarding forward-looking information, acknowledging potential risks and uncertainties in the digital currency market and operational expansions. These statements are subject to change based on market conditions and regulatory developments.

For more detailed information, the company’s amended prospectus and related documents are available on SEDAR+ and the SEC’s EDGAR database.

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