Bitfarms Falls 30% in a Week After $588M Fundraising: Is $4 the New Support Level?

Convertible Notes Offering: Bitfarms Ltd. completed a $588 million convertible notes offering, marking its entry into the convertible bond market, which will support its HPC/AI infrastructure developments in North America.

Financial Position: Following the offering, Bitfarms' total liquidity exceeds $1 billion, including cash and Bitcoin holdings, allowing for further data-center and hashrate expansion.

Market Dynamics: The company aims to diversify its revenue amid challenging Bitcoin mining economics, although increased network hashrate may lead to rising difficulty and lower profitability.

Price Support Levels: Bitfarms' stock price is currently supported around the $4.00–$4.20 range, with key resistance at $4.72; failure to maintain this level could lead to deeper support around $2.33.