BUZZ-Bitfarms shares snapping 10-day winning streak after convertible bonds sale unveiled
Bitfarms shares fell 11.9% to $5.70 after a 10-day winning streak, during which they gained approximately 130%. The Canada-based company announced a private offering of $300 million in convertible bonds due January 15, 2031, to raise capital for general corporate purposes. Despite the decline, Bitfarms shares have surged about 430% over the past three months, and all analysts covering the stock remain bullish with a median price target of $3.
U.S.-listed shares of Bitfarms (BITF.O) down 11.9% at $5.70 on Thurs as co seeks to raise capital
BITF shares had risen prior 10 sessions, racking up a gain of roughly 130%
Canada-based firm late Weds
private offering of $300 mln convertible bonds due Jan 15, 2031
Co plans to use net offering proceeds for general corp purposes It also intends to use either offering proceeds or cash on hand to pay cost of capped calls, derivative transactions employed to help offset potential dilution
Co has roughly $3.6 bln market cap, per LSEG data
BITF is the #1 trending ticker on retail investor forum Stocktwits on Thurs
Even with the decline on the session, shares have surged about 430% over the past three months
All 9 analysts covering BITF are bullish and their median PT is $3, LSEG data shows (Lance Tupper is a Reuters market analyst. The views expressed are his own)
