Bitfarms to Exit Latin America with $30 Million Sale
- Bitfarms is selling its site in Paso Pe, Paraguay for up to $30 million.
- The buyer is Sympatheia Power Fund (SPF), managed by Hawksburn Capital.
- Bitfarms will receive $9 million upfront and up to $21 million over the next ten months based on milestones.
- The transaction is expected to close within the next 60 days, pending customary conditions.
- BITF shares rose approximately 4% to $2.45 in pre-market trading, coinciding with Bitcoin’s price nearing $90,000.
This sale marks Bitfarms’ complete exit from Latin America and aims to reinvest cash flows into North American HPC/AI energy infrastructure by the year Bitcoin mining operations are expected to yield higher returns.
With this deal, Bitfarms anticipates bringing forward two to three years of free cash flows for reinvestment purposes. (Source)
