We recently published Market Shockers: 10 Stocks Collapse by Double Digits. Bitfarms Ltd. (NASDAQ:BITF) is one of the best performers on Wednesday.

Bitfarms extended its losing streak to a 5th straight session on Wednesday, shedding another 12.25 percent to finish at $3.94 apiece after successfully raising $588 million in fresh funds from the issuance of convertible senior notes.

In a statement on Tuesday, Bitfarms Ltd. (NASDAQ:BITF) said that the overall issuance, which covered $500 million in aggregate principal amount alongside $88 million of overallotment option to underwriters, was fully subscribed.Bitfarms (BITF) Extends Losses on 5th Day, Mimics Bitcoin Drop

The notes are set to mature in 2031 and will carry an interest rate of 1.375 percent, payable semi-annually in arrears on every January 15 and July 15 of each year. The first payment is scheduled for July 2026.

Prior to maturity, noteholders would have the option to convert their holdings into cash or shares, or a combination of both.

In case of stock conversion, Bitfarms Ltd. (NASDAQ:BITF) said that every $1,000 notes will be converted to 145.6876 common shares, or an initial conversion price of $6.86 apiece, or a 30 percent premium over the $5.28 closing price last October 16.

Bitfarms Ltd. (NASDAQ:BITF) said proceeds from the offer will be used to support the development of its high-performance computing and AI infrastructure developments in North America.

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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.

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