---
title: "Bitfarms Massive AI Fundraise Puts It on the IREN, Hut 8 Path"
description: "Bitfarms Ltd. (NASDAQ:BITF) is transitioning from Bitcoin mining to high-performance computing (HPC) and AI datacenters, announcing a $500 million convertible notes offering as part of an $800 million"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/261918666.md"
published_at: "2025-10-20T15:21:01.000Z"
---

# Bitfarms Massive AI Fundraise Puts It on the IREN, Hut 8 Path

> Bitfarms Ltd. (NASDAQ:BITF) is transitioning from Bitcoin mining to high-performance computing (HPC) and AI datacenters, announcing a $500 million convertible notes offering as part of an $800 million capital raise. This move aligns with peers like IREN Ltd. and Hut 8 Corp., who have successfully diversified into AI services. Bitfarms' Panther Creek campus is set to launch in late 2026, aiming to replicate the financial success of its counterparts. BITF stock has surged over 70% in the past month, reflecting investor optimism in this strategic pivot.

**Bitfarms Ltd.** (NASDAQ:BITF) is moving beyond **Bitcoin** (CRYPTO: BTC) mining into the fast-growing sector of high-performance computing (HPC) and AI datacenters.

Last week, the company announced a $500 million convertible notes offering to finance the transition.

-   *BITF stock is moving.* *See the details here.*

Bitfarms' total capital raise is $800 million. That amount is split between the $500 million convertible note offering and a $300 million project financing facility aimed at building out its Panther Creek data center in Pennsylvania.

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## Pivot!

The aggressive pivot mirrors moves from peers such as **IREN Ltd.** (NASDAQ:IREN) and **Hut 8 Corp.** (NASDAQ:HUT), who have successfully leveraged their mining infrastructure into HPC operations designed to serve the AI wave.​

The cornerstone of Bitfarms' expansion is its 350-megawatt Panther Creek campus, designed as an advanced HPC and AI center capable of hosting large-scale workloads.

The first phase is expected to go live in late 2026, positioning Bitfarms as a serious data infrastructure contender in the U.S. market.​

Bitfarms aims to replicate the success of IREN and Hut 8—two firms that have diversified their energy-intensive operations into data center services supporting AI training, cloud computing and enterprise applications.​

## The Pivot Pays Off

Both Hut 8 and IREN's pivots have paid off financially.

IREN posted record revenues of $501 million for its 2025 fiscal year and achieved a net income of $86.9 million. IREN stock has surged more than 550% year-over-year, and it is now targeting over $500 million in annualized run-rate AI cloud revenue by early 2026.

Hut 8 has also reaped early rewards from its transition to become an energy infrastructure and AI data center operator. HUT stock is up more than 250% over the past year, and the company posted a surprise EPS beat in its most recent earnings report.

## Implications for Bitfarms

The successful pivots by IREN and Hut 8 support Bitfarms' strategic move, providing blueprints for value creation and investor enthusiasm when mining firms transition to the booming AI and cloud industries.

It looks like investors are optimistic on the AI pivot — BITF stock has gained more than 70% in the last month alone.

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*Photo: Shutterstock*

### Related Stocks

- [BITF.US - Bitfarms Canada](https://longbridge.com/en/quote/BITF.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.