Bitfarms Looks to Boost Liquidity With Sale of 1,500 Bitcoin, New Loan
— Leger, Million, Miner — 1 min read
The Galaxy facility was set to expire on June 30 and Bitfarms is now negotiating with Mike Novogratz’s crypto merchant bank to renew the line. The sale of 1,500 bitcoin to raise $34 million implies an average price of about $22,000 per coin.Bitfarms also agreed to an equipment financing deal with NYDIG for $37 million at a 12% interest rate. This loan is collateralized by the mining rigs at the company's Leger and Bunker facilities. The move comes as crypto miners who levered up to fund speedy growth are feeling the squeeze of the crash in the crypto markets. The company is also in talks with NYdIG for additional funding for the miner's Bunker facility. Source