Bitcoin miner Keel completes US$458 million convertible senior note issuance

Nasdaq-listed bitcoin miner KeelInfrastructure (formerly Bitfarms) announced the completion of the issuance of US$458 million in convertible senior notes with a coupon rate of 1.25%, due in 2032, and an initial conversion price of approximately US$7.41. Part of the funds raised will be used to purchase capped call options to hedge the dilution risk when bills are converted, and the rest will be used for general corporate purposes such as long-term equipment deposits and data center project letter of credit mortgage. The company's main business is Bitcoin mining and related data center infrastructure development.