Bitcoin mining company Bitfarms has successfully completed a $588 million offering of 1.375% convertible senior notes due January 15, 2031. This issuance marks Bitfarms' first foray into the convertible bond market and includes an $88 million over-allotment option exercised by underwriters. To mitigate potential dilution within a 125% premium range, Bitfarms utilized cash reserves to purchase a capped call option. Following this issuance, the company's balance sheet now holds over $1 billion in cash, Bitcoin, and Macquarie project financing capacity.