Bitfarms Ltd. has agreed to sell its 70 MW Bitcoin mining facility in Paso Pe, Paraguay, to the Sympatheia Power Fund (SPF), a crypto infrastructure fund managed by Singapore-based Hawksburn Capital, in a deal valued at up to $30 million. The transaction, expected to close within 60 days subject to customary conditions, marks Bitfarms’ full exit from Latin America and a shift of its energy assets to a fully North American portfolio.
The company plans to reinvest the proceeds into high-performance computing (HPC) and artificial intelligence (AI) energy infrastructure projects in North America during 2026.
Under the share purchase agreement, SPF will acquire all shares of Bitfarms’ single-purpose subsidiary that owns and operates the Paso Pe site and its related assets.
- The operating site is valued at up to $30 million.
- Bitfarms expects to receive $9 million in cash at closing in Q1 2026, including a $1 million non-refundable deposit already paid by the buyer.
- Up to an additional $21 million may be paid over the 10 months following closing, contingent on certain payment milestones.
Bitfarms CEO Ben Gagnon said the sale accelerates the company’s strategic pivot toward North American HPC and AI infrastructure.
“This transaction brings forward an estimated two to three years of anticipated free cash flows from operations to be reinvested into our North American HPC/AI energy infrastructure in 2026, where we believe we will be able to generate much stronger returns on our invested capital with HPC/AI,” Gagnon said. “The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI.”
SPF representative Josh Murchie said the acquisition supports the fund’s regional growth strategy.
“This transaction accelerates SPF’s regional expansion plan, and our priority is an uninterrupted, seamless transition from day one — maintaining continuity at Paso Pe as we move into the next phase of growth,” Murchie said.
Bitfarms said the sale is intended to strengthen its balance sheet and align its portfolio with its North American compute strategy.
- Rebalances the company’s energy assets to 100% North American.
- Improves liquidity through accelerated monetization of the Paraguay operation and short-term financing backed by that operation.
- Leaves Bitfarms with an updated energy portfolio that includes:
- 341 MW of energized capacity.
- 430 MW under active development, all in the United States.
- A 2.1 GW multi-year development pipeline in North America, roughly 90% of which is in the United States.
About Bitfarms
Bitfarms is a North American energy and digital infrastructure company that builds and operates vertically integrated data centers and energy infrastructure for high-performance computing and Bitcoin mining. Its 2.1 GW North American portfolio spans energized, under-development and pipeline projects in regions with access to robust power and fiber connectivity.
Founded in 2017, Bitfarms is headquartered in New York, NY, and Toronto, ON, and its shares trade on the Nasdaq and Toronto Stock Exchange.
More information is available at www.bitfarms.com, on X at x.com/Bitfarms_io, and on LinkedIn at linkedin.com/company/bitfarms.
About Sympatheia Power Fund
Sympatheia Power Fund is a crypto infrastructure investment fund. Further details are available at www.sympatheia.co.
Forward-looking statements
The company noted that this announcement includes forward-looking statements, including those related to the completion of the Paso Pe sale, the timing and amount of expected payments, the rebalancing of operations to North America, and plans to reinvest proceeds into HPC and AI infrastructure. These statements are based on management’s expectations and assumptions as of the date of the release and are subject to risks and uncertainties that could cause actual results to differ materially.
Risks include the possibility that the transaction does not close as expected or at all, that milestone payments are not received, that reinvestment opportunities for HPC and AI infrastructure are delayed or uneconomic, that construction or expansion of facilities and access to power and customers may not occur as planned, and that regulatory, market, currency and energy cost changes could affect profitability and strategy execution.
Additional information about these and other risk factors is available in Bitfarms’ filings on www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov, including the company’s annual information form for the year ended December 31, 2024, and management’s discussion and analysis for the year ended December 31, 2024, and for the three and nine months ended September 30, 2025. Bitfarms does not undertake to update forward-looking information except as required by law.
Trading in the company’s securities should be considered highly speculative, and no stock exchange or securities regulator has approved or disapproved the content of the release.
Contacts
- Investor relations: Laine Yonker, ir@bitfarms.com
- Media: Tara Goldstein, media@bitfarms.com