Bitcoin mining company Keel Infrastructure completes $458 million convertible preferred note issuance

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BlockBeats News, June 10 — According to GlobeNewswire, the U.S.-listed Bitcoin mining company Keel Infrastructure (formerly Bitfarms) announced that it has completed the issuance of $458 million in convertible preferred notes. The coupon rate is 1.25%, the notes mature in 2032, and the initial conversion price is approximately $7.41.

Some of the funds raised will be used to purchase capped call options to hedge against dilution risk when the notes are converted, while the remaining funds will be used for general corporate purposes such as long-term equipment deposits and letters of credit collateral for data center projects. The company’s main business is Bitcoin mining and the development of related data center infrastructure.

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