Shares Of Bitcoin Miner Bitfarms Are Moving Higher: What's Going On?

Shares of Bitcoin BTC/USD miner Bitfarms Ltd BITF are trading higher Wednesday. The company announced the closing of a private placement with institutional investors.

What Happened: Bitfarms said it closed its previously announced private placement of 44,444,446 common shares for gross proceeds of C$60 million ($44.13 million). 

The company said net proceeds will be used to acquire additional miners, expand infrastructure and improve its working capital position.

The news comes a day after Bitfarms announced upgrades for its mining fleet. The company said it purchased 35,888 Bitmain T21 miners for $2,660 per unit expected to be delivered and installed at its facilities in the first half of 2024. Bitfarms also secured a purchase option for an additional 28,000 Bitmain T21 miners.

"We've built our world class, scalable infrastructure in anticipation of the right time to implement a transformative equipment upgrade. Now, with the most attractive equipment pricing since 2020, we've launched our comprehensive strategy," said Geoff Morphy, president and CEO of Bitfarms.

See Also: Charlie Munger Hated Bitcoin, So Does Warren Buffett — But For Completely Different Reasons

BITF Price Action: Bitfarms shares were up 8.96% at $1.46 after closing more than 26% higher on Tuesday, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.