Bitfarms to Sell Paraguay Site for Up to $30 Million

MT Newswires Live01-02

Bitfarms (BITF) said Friday it has agreed to sell its 70-megawatt site in Paso Pe, Paraguay, to the Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital, for up to $30 million.

The company said the deal, expected to close within 60 days, will complete its exit from Latin America.

Under the deal, the company said it will receive $9 million in cash at closing, expected in Q1, with up to $21 million to be paid over the following 10 months based on certain payment milestones.

Bitfarms said the sale will rebalance its energy assets portfolio to 100% North America and improve liquidity through faster monetization of the operation and short-term, operation-backed financing.

Shares of Bitfarms were 3.8% higher in premarket trading.

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