Bitfarms Ltd. Issues $588 Million 1.375% Convertible Senior Notes Due 2031

Bitfarms Ltd. filed a Form 6-K with the SEC detailing the issuance of $588 million in 1.375% Convertible Senior Notes maturing on January 15, 2031. The notes, governed by an indenture agreement with Computershare Trust Company as trustee, are convertible into common shares under specified conditions, including a 30-day observation period for determining conversion rates. Key terms include optional redemption provisions starting October 2028, fundamental change repurchase rights for note holders, and adjustments to conversion rates for corporate events like stock splits. The filing outlines covenants regarding payment obligations, reporting requirements, and restrictions on mergers or asset sales. This financing arrangement significantly impacts the company's capital structure and may lead to shareholder dilution upon conversion, while providing liquidity for corporate purposes.