Bitfarms, one of the largest Bitcoin miners, announced a private placement for institutional investors.
According to the statement made by Bitfarms, the company agreed with institutional investors for approximately $44 million reached an agreement to make a private sale.
Within the scope of the agreement, it is planned to sell 44,444,446 ordinary shares to investors for 1.35 Canadian dollars per unit, and in addition, they will be given the right to purchase a total of 22,222,223 ordinary shares.
According to the statement, the private placement is expected to be completed on November 28, with the approval of the Toronto Stock Exchange.
Bitfarms produced 411 and 398 Bitcoins in September and October, respectively. The company earned $10 million in revenue by selling 341 of the Bitcoins it produced last month.
According to Bitfarms’ statement, none of the investors involved in the private placement are Canadian residents.