Bitfarms to acquire Stronghold Mining for $125 million

Cryptomining firm Bitfarms has entered into a definitive partnership with Stronghold Digital Mining under which Bitfarms will acquire Stronghold in a stock-for-stock merger transaction. The deal is valued at approximately $125 million equity value plus the assumption of debt valued at approximately $50 million. 
 

Stronghold CEO, Gregory Beard, said: “We have been in conversation with Bitfarms for a long time. Having received and reviewed numerous bids in our Strategic Alternatives Review process, we believe that we found the ideal partner.”

Ben Gagnon, Bitfarms CEO, added: “After three years of ongoing discussions, I am proud to announce this transformative acquisition, which is a decisive step in securing a strong future for Bitfarms. With this transaction, we expect to expand and rebalance our energy portfolio to 950MW with nearly 50 percent in the US by the end of 2025 and have visibility on multi-year expansion capacity up to 1.6 GW.”