Bitfarms Sells Paso Pe Site, Exits Latin America to Focus on North American Expansion

Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent North American energy and digital infrastructure company, has announced its strategic decision to exit the Latin American market by selling its 70 MW Paso Pe site in Paraguay. This move is part of Bitfarms’ broader strategy to focus its efforts and resources on expanding its high-performance computing (HPC) and artificial intelligence (AI) infrastructure in North America, according to GlobeNewswire.

Strategic Sale and Reinvestment

The sale agreement, which involves the Sympatheia Power Fund (SPF), a Singapore-based crypto infrastructure fund managed by Hawksburn Capital, values the Paso Pe site at up to $30 million. Bitfarms is set to receive $9 million in cash at the closing of the transaction, expected in the first quarter of 2026, alongside up to $21 million over the following 10 months, contingent on certain milestones.

Bitfarms CEO Ben Gagnon expressed satisfaction with the sale, highlighting its role in rebalancing the company’s energy portfolio to be 100% North American. “This transaction accelerates our plans to reinvest capital into our North American HPC/AI energy infrastructure in 2026, where we anticipate stronger returns,” Gagnon stated.

Impact on Bitfarms’ Operations

With this sale, Bitfarms aims to enhance its liquidity profile and expedite the monetization of its operations, which will now be concentrated entirely in North America. The company’s updated energy portfolio will include a 341 MW energized capacity, 430 MW under active development, and a 2.1 GW multi-year pipeline, predominantly based in the United States.

The transition is expected to enable Bitfarms to focus more on its core capabilities in digital infrastructure for HPC/AI, a sector where the company expects to see significant growth and profitability.

About Bitfarms and Sympatheia Power Fund

Founded in 2017, Bitfarms has established itself as a leader in digital infrastructure, operating state-of-the-art data centers and energy infrastructure for high-performance computing and Bitcoin mining across the Americas. The company is headquartered in New York, NY, and Toronto, ON, and is publicly traded on the Nasdaq and Toronto Stock Exchange.

Sympatheia Power Fund, the buyer of the Paso Pe site, is focused on expanding its regional presence in Latin America. SPF representative Josh Murchie emphasized the importance of a seamless transition, ensuring operational continuity at the site as SPF embarks on its next phase of growth.

Image source: Shutterstock