Bitfarms Announces Complete Exit from Latam with Sale of its Paso Pe Site for up to $30M

Executive Summary

• Bitfarms entered a definitive Share Purchase Agreement to sell its 70 MW Paso Pe, Paraguay Bitcoin‑mining site to Sympatheia Power Fund for up to $30 million.
• The transaction provides an immediate $9 million cash payment (including a $1 million non‑refundable deposit) and up to $21 million in staged payments over the following 10 months.
• Proceeds will be reinvested into Bitfarms’ North American high‑performance computing/AI energy infrastructure, shifting the company’s asset base to 100 % North America (341 MW energized, 430 MW under development, 2.1 GW pipeline).

Key Details

• Transaction Structure: Sale of shares of the single‑purpose subsidiary that owns the Paso Pe operating assets.
• Purchase Price: Up to $30 million total value.
• Cash Consideration:
• $9 million payable at closing (including a $1 million non‑refundable deposit already received).
• Additional payments up to $21 million over ten months, contingent on achievement of specified milestones.
• Closing Timeline: Expected within 60 days of the release, subject to customary conditions.
• Strategic Rationale: Completes Bitfarms’ exit from Latin America and rebalances its energy portfolio to be fully North American, enabling focus on higher‑return HPC/AI projects.
• Updated Energy Portfolio Post‑Sale:
• 341 MW of energized capacity (U.S.).
• 430 MW under active development (100 % U.S.).
• 2.1 GW total multi‑year pipeline in North America (~90 % U.S.).
• Buyer: Sympatheia Power Fund, a crypto infrastructure fund managed by Hawksburn Capital (Singapore).

Notable Quotes

“I'm pleased to announce the strategic sale of our Paso Pe site and decisive rebalancing of our energy portfolio to 100% North American… The sale brings forward an estimated two to three years of anticipated free cash flows … to be reinvested into our North American HPC/AI energy infrastructure in 2026.” – Ben Gagnon, CEO, Bitfarms

“This transaction accelerates SPF’s regional expansion plan… maintaining continuity at Paso Pe as we move into the next phase of growth.” – Josh Murchie, Representative, Sympatheia Power Fund