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Bitfarms’s C$60 million private placement with US institutional investors closes on or about November 28. The Canadian bitcoin mining firm will use the proceeds to acquire buy more miners and expand its infrastructure. Bitcoin mining company Bitfarms is seeking to raise C$60 million (approx. $44 million) from institutional investors in the US, the Canada-based firm announced on Friday. Bitfarms will raise the funds via a private placement, with gross proceeds from 44.4 million common shares at C$1.35 per share. Investors will also have warrants to purchase an aggregate of 22.2 million common shares with an exercise price of C$1.61 ($1.17) per share. The warrants have an exercise period of three years, Bitfarms said in a press release on Friday. Bitfarms will use the private placement ’s proceeds to acquire additional miners, expand its infrastructure and improve the company’s working capital position. The firm’s monthly mining ou...

Bitcoin and altcoins are beneficiaries of major inflows this year, while the question of a BTC supply squeeze remains. Bitcoin (BTC) institutional investment vehicles have seen over $1 billion in new inflows in less than two months. In its latest weekly report on Nov. 13, crypto asset management firm CoinShares furthered the narrative that Bitcoin and altcoins are again attracting capital. Crypto institutional product AUM up 99% year-to-date Bitcoin, Ether (ETH) and some major altcoins are enjoying price gains as excitement over the possible approval of the United States’ first spot exchange-traded fund (ETF) grows. Since November 2022, the total crypto market cap has increased by $600 billion, data from TradingView confirms. Total crypto market cap 1-week chart. Source: TradingView The past two months, however, has seen a precipitous increase in funds being deployed to crypto investment products, CoinShares reveals. “Digital asset investment products saw inflows totalling US$293m ...

The company beat estimates while non-trading revenue beat trading revenue. New York-based crypto exchange Coinbase reported revenue in the amount of $708 million in the second quarter of 2023, despite the regulatory issues it's faced in recent months, boosted by a custody deal with Blackrock and institutional focus . The exchange said Q2 net revenue reached $663 million, down 10% versus the same period last year, yet beating early estimates on its growing market dominance in the United States as competitors such as Binance are bogged down by regulatory trouble. The crypto exchange’s impressive performance was also attributed to the strong crypto price cycle last quarter where the likes of Bitcoin and other altcoins posted new yearly highs. Early estimate s from the Zacks Consensus Estimate put crypto exchange’s earnings at $643.4 million, a 20.4% decline from the past year during the same time. Another report from Messari suggested that  for the first time, Coinbase's non-...