Bitcoin mining company Bitfarms has announced its acquisition of Stronghold Digital Mining for approximately $175 million, consisting of $125 million in stock and $50 million in debt. Under the merger agreement, Stronghold shareholders will receive 2.52 shares of Bitfarms for each share of Stronghold, representing a $6.02 consideration per share and a 71% premium to the 90-day volume-weighted average price on Nasdaq as of August 16, 2024. Upon completion, Stronghold shareholders are expected to hold just under 10% of the combined company. The acquisition aims to expand Bitfarms’ energy portfolio to 950 MW, with nearly 50% of it in the U.S. by the end of 2025. Gregory Beard, CEO of Stronghold, expressed confidence in Bitfarms’ vision and financial capability, considering it an ideal partner to unlock Stronghold’s assets’ value. The transaction, approved unanimously by both companies’ Boards, is set to conclude in the first quarter of 2025.
Bitcoin Mining, Energy, Environmental Services,United States, Canada
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