Bitcoin mining giant Bitfarms has agreed to acquire its competitor Stronghold Digital Mining in a deal valued at $175 million.
The acquisition, which involves $125 million in stock and the assumption of $50 million in debt, positions Bitfarms to further solidify its place in the competitive cryptocurrency mining landscape.
Stronghold shareholders will receive 2.52 Bitfarms shares for each of their Stronghold shares, representing a 71% premium based on Stronghold’s recent stock performance.
The deal is expected to close in the first quarter of 2025, with Bitfarms gaining access to Stronghold’s 307 megawatts of power capacity, boosting its energy portfolio to over 950 megawatts by the end of 2025.
This move comes as Stronghold, facing financial challenges, sought strategic alternatives, making this acquisition a lifeline for the company.
At the same time, Bitfarms continues to strengthen its position despite market volatility, securing a more diversified energy portfolio through this acquisition.
Bitcoin Versus is not a financial advisor. This media platform reports on financial subjects purely for educational and entertainment purposes only. Do your own due diligence and contact a professional financial advisor for any advice on how to invest your money.
Bitcoin Versus 
Leave a comment