Bitfarms Converts $300M Macquarie Debt Facility to Fund Panther Creek HPC/AI Campus

Bitfarms (Nasdaq/TSX: BITF) said on Friday it has converted its $300 million debt facility with Macquarie Group into a project-specific financing package dedicated to the development of its 350-megawatt high-performance computing (HPC) and AI data center campus in Panther Creek, Pennsylvania.

The company plans to immediately draw an additional $50 million—on top of the $50 million previously accessed—to fund long-lead time equipment purchases and begin civil and substation works for the site in the fourth quarter of 2025. The conversion allows Bitfarms to fully utilize the remaining $200 million over time as it advances construction of the facility.

“This financing milestone accelerates our construction timelines and gives us more flexibility to respond to AI infrastructure demand,” said CEO Ben Gagnon, noting that the Panther Creek campus is on track to begin major development later this year.

Macquarie’s Commodities and Global Markets division originally provided the $300 million private facility in May. Friday’s update shifts the structure to a project-level debt model, which can improve drawdown efficiency and better align the capital with construction and equipment procurement for Panther Creek.

The move comes as Bitfarms’ stock has surged to $4.20 per share, up more than sixfold from its 52-week low of $0.67, reflecting renewed investor confidence amid its pivot toward AI and data center services.