Bitfarms Q3 Report Shows $69M Revenue and $588M Raise for AI Pivot

TLDR:

• Bitfarms raised $588M through convertible notes, bringing total liquidity to more than $1B.
• Washington site will host GB300 GPUs with liquid cooling by December 2026.
• Q3 revenue hit $69M, while adjusted EBITDA surged to $20M from $2M last year.
• Bitfarms sold 185 BTC at $116,500 each under its Bitcoin 2.1 optimization program.

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Bitfarms is accelerating its transition from crypto mining to advanced digital infrastructure. The company reported $69 million in Q3 revenue from continuing operations and finalized a $588 million convertible notes offering. 

The financing expanded total liquidity to more than $1 billion, reinforcing its U.S.-focused AI and high-performance computing buildout. The firm also plans to repurpose its Washington facility for GB300 GPUs with advanced liquid cooling systems.

Bitfarms Expands North American AI Infrastructure

Bitfarms outlined major milestones in its Q3 report released on November 13, 2025. 

The company confirmed plans to complete the Washington site’s AI conversion by December 2026, supported by a $128 million supply agreement for 18 MW of new capacity. The project will include modular infrastructure and reference designs compatible with GB300 GPUs.

The firm is advancing development at its Panther Creek and Sharon campuses to strengthen its North American presence. 

Data from Bitfarms shows the Panther Creek facility could expand beyond 500 MW following a positive load study from local power provider PPL. The Sharon site, now fully acquired, currently operates 30 MW dedicated to Bitcoin mining, with an additional 80 MW substation expected by late 2026.

According to Bitfarms’ filing, the company converted its $300 million Macquarie debt into a project-specific facility for Panther Creek. An extra $50 million was drawn to accelerate purchases for AI infrastructure. 

CFO Jonathan Mir confirmed that the company now holds $814 million in liquidity, with $637 million in cash and $177 million in Bitcoin holdings as of November 12.

Strategic Shift Strengthens Financial Flexibility

Bitfarms’ move to discontinue operations in Argentina and Paraguay reflects its pivot to North American energy projects. The company posted $14 million in revenue from discontinued operations but recorded a $35 million loss, primarily from asset reclassification in Paraguay. 

Despite these one-time costs, Bitfarms’ adjusted EBITDA reached $20 million, a sharp increase from $2 million in Q3 2024.

The firm also continued its Bitcoin treasury management strategy. It sold 185 BTC during the quarter at an average price of $116,500, generating $22 million in proceeds. Bitfarms introduced its “Bitcoin 2.1” program, which uses call options to enhance returns on mined Bitcoin while offsetting production costs.

Financial filings show Bitfarms earned 520 BTC at a direct cost of $48,200 per coin. Average revenue per BTC climbed to $114,300, up from $98,119 the previous quarter. The company’s gross mining margin stood at 35%, down from 44% in 2024, as energy investments increased.

Bitfarms has also initiated a share buyback program, acquiring 7.8 million shares worth roughly $10 million at an average price of $1.27. The firm plans to complete its redomiciling to the United States and shift to U.S. GAAP reporting by year-end 2025, aligning its accounting standards with its evolving operational footprint.

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