Bitfarms Ltd. (BITF) has announced a definitive agreement to sell its 70 MW Paso Pe Bitcoin mining site in Paraguay to Sympatheia Power Fund (SPF) for up to $30 million. This sale marks Bitfarms' complete exit from Latin America, with a strategic shift towards focusing on North American operations and AI-powered infrastructure. The transaction is expected to close within 60 days.
Under the terms of the share purchase agreement (SPA), Bitfarms will receive $9 million in cash upon closing, which is expected in Q1 2026. This includes a $1 million non-refundable deposit already paid by the buyer. The remaining amount, up to $21 million, will be paid over 10 months following the closing, contingent upon achieving certain payment milestones. Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital, will acquire the shares of the subsidiary holding all operating assets related to the Paso Pe site.
Bitfarms' decision to exit Latin America reflects a strategic rebalancing of its energy portfolio to 100% North American operations. The company aims to capitalize on what it believes are stronger and more stable returns from AI data centers compared to Bitcoin mining. Bitfarms plans to reinvest the proceeds from the sale into high-performance computing (HPC) and AI energy infrastructure, commencing in 2026.
The company's updated energy portfolio will consist of 341 MW of energized capacity, 430 MW under active development, and a 2.1 GW multi-year pipeline in North America, with approximately 90% based in the U.S. According to Bitfarms CEO Ben Gagnon, the sale accelerates expected cash flows by two to three years, which will be directed towards building HPC and AI energy infrastructure. Gagnon stated that the move allows the company to refocus its management team and capital on North American power and infrastructure for HPC/AI.
A representative from SPF, Josh Murchie, indicated that the acquisition aligns with SPF's regional expansion strategy, emphasizing a seamless transition and continuity at Paso Pe during the next growth phase.
Following the announcement, Bitfarms' shares experienced a positive pre-market movement, rising by 3.83% to reach $2.44. However, it is important to note that Bitfarms' financial metrics reveal certain challenges, including negative margins and a decline in revenue growth over the past three years.
