Bitfarms Acquires Rival Stronghold Digital in $175M Stock and Debt Deal
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Bitcoin mining company Bitfarms has announced the acquisition of rival firm Stronghold Digital Mining in a $175 million stock and debt-financed deal. The transaction, unanimously approved by the boards of both companies, is expected to close in the first quarter of 2025.
According to an official press release, Bitfarms will acquire Stronghold through a $125 million equity transaction and assume $50 million worth of Stronghold’s existing debt.
Under the terms of the agreement, Stronghold shareholders will receive 2.52 shares of Bitfarms for each share they own.
We are pleased to announce that #Bitfarms has entered into a definitive agreement to acquire @Stronghold_DM.
Stronghold brings to Bitfarms vertically integrated crypto asset mining operations and access to the strategically desirable PJM grid, the largest wholesale electricity… pic.twitter.com/HemcStdETS
“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,” said Ben Gagnon, CEO of Bitfarms.
The acquisition is expected to add 307 megawatts of power capacity to Bitfarms’ operations, placing the company on track to increase its total energy portfolio to over 950 megawatts by the end of 2025.
Similarly, the integration of Stronghold’s two “tier two” merchant power plants in Pennsylvania will further enhance Bitfarms’ energy portfolio and diversify its geographic footprint.
This significant boost in energy resources will strengthen Bitfarms’ position as a leading player in
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