Lates News

NASDAQ-listed Bitcoin mining company Keel Infrastructure (formerly Bitfarms) has completed the issuance of $458 million convertible preferred notes with a coupon rate of 1.25% due in 2032, with an initial conversion price of approximately $7.41 (a 25% premium over the closing price on June 4). Part of the proceeds will be used to purchase capped call options to hedge dilution risk upon conversion of the notes. Keel indicates that its existing liquidity is expected to be sufficient to fund the development of the Panther Creek, Sharon, and Moses Lake projects. The fundraising will enhance the company's flexibility for long-term equipment deposits or data center projects, as well as general corporate purposes such as credit collateral for letters of credit.