Bitfarms Completes LatAm Exit with $30M Sale; Stock Surges 11% on AI Pivot
Bitfarms sells its final Paraguay site for $30M to fund a transition to U.S.-based AI infrastructure, sending BITF shares up 11%.
Bitfarms (BITF) has officially exited Latin America. The miner announced Friday it entered a definitive agreement to sell its 70 MW Paso Pe facility in Paraguay to Sympatheia Power Fund, a vehicle managed by Singapore’s Hawksburn Capital.
The deal, valued at up to $30 million, marks the final step in Bitfarms’ strategic migration to North America as it pivots from Bitcoin mining to high-performance computing (HPC) and AI infrastructure.
Deal Structure and Terms
The transaction is structured to provide immediate liquidity while retaining upside through deferred payments:
- Upfront Capital: Bitfarms receives $9 million in cash at closing (expected within 60 days).
- Deferred Consideration: Up to $21 million will be paid over the subsequent 10 months, contingent on operational milestones.
The move releases capital trapped in lower-margin mining operations to fund the company’s retrofit of U.S. sites for AI workloads. CEO Ben Gagnon described the sale as a mechanism to “bring forward an estimated two to three years of anticipated free cash flows” for reinvestment into North American infrastructure.
“The sale of Paso Pe is the culmination of a series of transactions to completely exit LatAm and refocus the company… on 100% North American power and infrastructure for HPC/AI.” Ben Gagnon, Bitfarms CEO
The AI Pivot: Mining to Compute
This divestiture follows Bitfarms’ January 2025 sale of its Yguazu facility for $85 million, cementing a total retreat from Paraguay. The capital is earmarked for upgrading facilities in Pennsylvania and Washington to support Nvidia’s next-generation hardware.
The company has explicitly stated plans to wind down Bitcoin mining operations throughout 2026 and 2027. The objective is to transition power capacity toward GPU-as-a-Service models, which offer higher margin stability compared to the volatility of hashrate and difficulty adjustments.
Market Reaction
Markets responded positively to the sharpened focus. BITF shares closed Friday at $2.60, an 11% gain, outperforming the broader crypto mining sector. The stock has seen increased volume as institutional interest shifts toward miners successfully rebranding as energy partners for the AI sector.
