Bitfarms (NASDAQ: BITF) has executed the final stage of its geographic retreat, entering a definitive agreement to sell its Paso Pe, Paraguay mining facility to Sympatheia Power Fund for up to $30 million. The transaction marks the company’s complete exit from Latin America, shifting its entire operational footprint to North America to chase higher-margin AI and High-Performance Computing (HPC) revenue.
The Deal Mechanics
According to the official filing, the sale transfers the 70 MW site to Sympatheia Power Fund, a crypto infrastructure vehicle managed by Singapore-based Hawksburn Capital. The payment structure is heavily back-loaded:
- Upfront: $9 million in cash at closing (expected Q1 2026).
- Earn-out: Up to $21 million payable over 10 months, contingent on performance milestones.
The deal liquidates Bitfarms’ last remaining South American asset. This follows the March 2025 sale of its Yguazu facility to HIVE Digital Technologies and the forced shutdown of its Argentina operations in mid-2025 due to energy contract disputes.
The Pivot: Compute Over Crypto
The sale underscores a sector-wide capitulation on the “cheap global power” thesis in favor of U.S.-based infrastructure valuable to hyperscalers. CEO Ben Gagnon explicitly framed the move as capital recycling, stating the proceeds will forward “two to three years” of free cash flow to be immediately redeployed into U.S. HPC infrastructure.
“The sale of Paso Pe is the culmination of a series of transactions to completely exit LatAm and refocus the company… on 100% North American power and infrastructure for HPC/AI.”, Ben Gagnon, Bitfarms CEO
The market responded positively to the streamlined narrative, with BITF shares climbing 4% to ~$2.44 in pre-market trading. The company now holds a 341 MW energized portfolio entirely within North America, with a 2.1 GW pipeline largely concentrated in the U.S., signaling a definitive rebrand from “Bitcoin Miner” to “Energy Infrastructure Provider.”
