Bitfarms Ltd (NASDAQ: BITF) is one of the best debt-free penny stocks to buy right now. On January 2, CEO Ben Gagnon announced plans to rebalance the company’s energy portfolio to 100% North American following the exit from Latin America.
The announcement follows the sale of the company’s 70 MW site in Paso Pe, Paraguay, to the Sympatheia Power Fund (SPF). The operating site is valued at $30 million, and Bitfarms is poised to receive $9 million in cash upon closing the transaction in the first quarter. Additionally, it is entitled to $21 million over 10 months, subject to certain payment milestones.
The sale is poised to bring forward an estimated 2 to 3 years of free cash flow from operations. It also paves the way for the company to reinvest in its North American HPC/AI energy infrastructure in 2026, where it expects to generate much more substantial returns.
“The sale of Paso Pe is the culmination of a series of transactions to completely exit Latam, and refocus the company, its management team and capital on 100% North American power and infrastructure for HPC/AI,” CEO Gagnon said.
Bitfarms Ltd. (NASDAQ:BITF) is a North American energy and digital infrastructure company that develops, owns, and operates large-scale, vertically integrated data centers primarily for Bitcoin mining, using sustainable, often hydropower, to power its operations.
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Disclosure: None. This article is originally published at Insider Monkey.
