In an effort to increase financial liquidity amid turbulent crypto market conditions, Canadian-based bitcoin (BTC-USD) miner Bitfarms (NASDAQ:BITF) on Friday has reduced its $100M bitcoin-backed credit facility with Galaxy Digital (OTCPK:BRPHF) to $66M through the sale of 1.5K bitcoins. “In addition to lowering our interest expense, this US$34 million reduction in borrowing gives us the ability to utilize more of our BTC holdings strategy as it frees up BTC that would otherwise be used to collateralize this credit facility,” Lucas added. Bitfarms' (BITF) credit facility with crypto brokerage Galaxy Digital (OTCPK:BRPHF) expires on June 30, though both companies are in talks to renew the facility upon maturity. “We have proactively taken non-dilutive strategic actions to increase our financial liquidity and flexibility during this period of macroeconomic crypto challenges,” said Bitfarms CFO Jeff Lucas. “Now we are better positioned to opportunistically consider potential farm expansion or acquisitions that arise as a result
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