Bitfarms (BITF), a Bitcoin mining company, is planning to exit Latin America by selling its facility in Paso Pe, Paraguay.
The site is being sold to the Sympatheia Power Fund (SPF), which is managed by Hawksburn Capital based in Singapore, for a total of up to $30 million, as announced by the company on Friday.
This deal is subject to standard closing conditions and is anticipated to be finalized within the next 60 days, according to Bitfarms.
Bitfarms will initially receive $9 million, followed by up to $21 million over the next ten months, contingent upon meeting specific payment milestones.
“This transaction accelerates an estimated two to three years’ worth of expected free cash flows from our operations to be reinvested in our North American HPC/AI energy infrastructure by 2026, where we expect to achieve significantly better returns on our invested capital with HPC/AI,” stated Bitfarms CEO Ben Gagnon.
This sale comes after Bitfarms’ prior transaction where it sold a site in Yguazú, Paraguay to Hive Digital Technologies (HIVE) less than a year ago.
BITF shares experienced an increase of approximately 4% reaching $2.45 in pre-market trading, coinciding with Bitcoin’s rise to just below $90,000.
