Bitfarms to Exit Latin America, Sells Paraguay Site for Up to $30M

Bitcoin miner Bitfarms is selling its Paso Pe, Paraguay site as it moves to exit Latin America, the company said.

The buyer is the Sympatheia Power Fund, managed by Singapore-based Hawksburn Capital. The deal is worth up to $30 million.

Bitfarms will receive $9 million at closing and up to $21 million over the next 10 months tied to payment milestones. The transaction is subject to customary closing conditions and is expected to close within about 60 days.

CEO Ben Gagnon said the sale brings forward an estimated two to three years of expected free cash flows that the company plans to reinvest into North American HPC/AI energy infrastructure in 2026, where it expects stronger returns.

The move follows Bitfarms’ sale of a Yguazú, Paraguay site to Hive Digital Technologies less than a year ago.

Bitfarms shares were up roughly 4% at $2.45 in pre-market trading, alongside bitcoin trading just under $90,000.

Key Topics

Crypto, Business, Bitcoin, Mining, Paraguay, Bitfarms, M&a