TLDR
- Bitfarms sold its 70 MW Paso Pe site in Paraguay to Sympatheia Power Fund for up to $30 million.
- This sale completes Bitfarms’ full exit from Latin America, ending all regional operations and ownership.
- CEO Ben Gagnon confirmed plans to reinvest proceeds into North American HPC and AI infrastructure by 2026.
- Bitfarms stock (BITF) rose 11.35% to $2.6168, trading within a daily range of $2.37 to $2.65.
- The stock showed increased trading activity with 23.3 million shares traded and a 52-week range of $0.6730 to $6.6000.
Bitfarms Ltd. has entered into a share purchase agreement to sell its 70 MW Paso Pe site in Paraguay to the Sympatheia Power Fund. The crypto infrastructure fund is managed by Singapore-based Hawksburn Capital, and the deal is valued at up to $30 million.
Bitfarms Ends Latin America Operations with Final Asset Sale
Bitfarms has confirmed the divestment of its last Latin American asset, completing a phased regional exit that began in previous quarters. The 70 MW Paso Pe site in Paraguay was the final location under Bitfarms’ control in the region. The company now holds no operational assets across Latin America and will no longer pursue activities in the area.
The share purchase agreement includes standard closing conditions, which are expected to be completed in the next two months. Bitfarms stated that the proceeds from this sale will be redirected toward North American energy infrastructure for HPC and AI. CEO Ben Gagnon said, “The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam.”
He confirmed that the company’s focus is now on building operations exclusively in North America to improve capital allocation efficiency. The exit from Latin America allows Bitfarms to consolidate its infrastructure strategy and fully align management efforts with North American assets.
Bitfarms Plans to Reinvest Proceeds into North American Operations
Bitfarms will use the estimated proceeds to accelerate investments in North American high-performance computing and AI energy infrastructure. Gagnon added, “This transaction brings forward an estimated two to three years of anticipated free cash flows from operations.” He noted that these funds would support 2026 infrastructure plans across North America.
The company’s decision to sell the site aligns with its broader move to concentrate all resources and capital within North American borders. Bitfarms has already exited other Latin American markets and confirmed there are no further regional operations to manage. The Paso Pe divestment finalizes its exit, and no joint ventures or operational partnerships remain in Latin America.
Upon deal completion, Bitfarms will no longer manage or operate the Paso Pe facility in any capacity. The asset will fully transfer to Sympatheia Power Fund, which has announced plans for a smooth transition. SPF said its goal is to maintain operational continuity and begin its own regional growth phase.
Bitfarms Shares Jump Over 11% as BITF Trades Above $2.60
Tracking the stock performance at the time of writing this article, Bitfarms Ltd. (BITF) traded at $2.6168 as of 11:54 AM EST, up 11.35% from the previous close. The stock opened at $2.44 and moved within a day’s range of $2.37 to $2.65. Compared to the prior close of $2.35, the intraday price showed a sharp upward movement.
Trading volume reached 23,347,200 shares against an average volume of 81,714,225, indicating increased trading activity. The stock’s 52-week range spans from $0.6730 to $6.6000. The market cap (intraday) stood at $1.561 billion.
The bid was listed at $1.83 with 200 shares, while the ask was $2.98 for the same amount. Bitfarms has a beta of 4.67, showing high volatility compared to the overall market. The 1-year target estimate is $5.36, while the EPS (TTM) remains at -$0.13.
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