Nasdaq-listed Bitcoin mining company Keel Infrastructure, formerly known as Bitfarms, has announced its intention to raise $400 million via a convertible senior notes offering, according to a report by Globenewswire. The transaction is expected to close around June 9, 2026, subject to market and other customary closing conditions.
Net proceeds from the issuance are primarily earmarked to cover the cost of capped call transactions designed to limit dilution upon conversion. The remaining funds will be directed toward general corporate purposes, including long-term equipment deposits and credit support for data center construction. Should the underwriters exercise their option to purchase additional notes, a portion of the incremental net proceeds will be applied to further capped call arrangements, with the rest allocated to general corporate use.
Convertible senior notes represent a hybrid financing instrument that offers investors the ability to convert debt into common shares under specified conditions. Such structures are frequently used by North American miners to fund capital‑intensive infrastructure expansion without immediate equity dilution. Keel Infrastructure, rebranded from Bitfarms, is actively scaling its Bitcoin mining operations and associated data center footprint.