BitFarms has reached an initial contract for a private debt facility of up to $300 million from Macquarie Equipment Capital to support the Panther Creek Data Center project in Pennsylvania.
In a press release on April 2, Canadian Crypto Mining Company said the initial tranche of the loan was $50 million and that the company said “if it achieves a certain development milestone, the rest is available.
BitFarms CEO Ben Gagnon adds that the partnership with Macquarie was the beginning of investment in “recent development” at the Panther Creek data center, “arriving at a pivotal time” amid the burgeoning AI revolution and rising demand for power and infrastructure.
“Each facility maturity is two years from the date of closure. Each facility will bear 8% interest per year and will be interested in the first draw of $50 million for the first three months.”
Bit Farm
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Macquarie’s associate director Joshua Stevens noted that the location is “within 100 miles of New York City and Philadelphia,” and could be attractive to high-performance computing tenants. Following the announcement, Bitfarms shares rose 2.54% on Nasdaq.
The loan agreement comes weeks after BitFarms has completed its all-stock acquisition of base digital mining through a stock merger, and Strolled shareholders receive 2.52-bit farm shares for all base shares they own.
As reported by Crypto.News, nearly 60 million BitFarms have staked in the shares, with over 10.5 million warrants issued as part of the transaction, and Stringhold shares have been delisted by NASDAQ and trading has been suspended.
read more: Hive Digital will buy BitFarms’ Paraguay site for $56 million and target 25 eh/s per Q3
