Bitcoin Miner Bitfarms Completes Stronghold Acquisition, Increases Capacity to 623 MW

Bitcoin mining company Bitfarms today announced it has completed its acquisition of Stronghold Digital Mining, giving it 1.1 gigawatts of capacity across three Pennsylvania sites and expanding its presence in the PJM market.

As part of the deal, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share they owned.

Stronghold also ceased to exist as an independent, publicly traded company and became a wholly owned subsidiary of Bitfarms. This means that Bitfarms now owns all of Stronghold's assets and operations. The company's shares were removed from the NASDAQ exchange.

The acquisition increases Bitfarms’ energy portfolio to 623 megawatts under management, adding 165 MW of active generation capacity and 142 MW of immediately available imported capacity. The deal is expected to make Bitfarms’ energy portfolio more balanced by the end of 2025, reaching 80% North American and 20% international sources.

Bitfarms CEO Ben Gagnon noted that the acquisition will help strengthen the company's position in the US market, particularly in the PJM energy region. The deal directly supports Bitfarms' strategic focus on increasing its presence in the US and developing a large-scale HPC and AI business.

According to Gagnon, PJM's combined infrastructure, with its significant gigawatts of capacity and strategically located assets, offers unique opportunities to successfully operate in both the HPC/AI and Bitcoin mining sectors.

“With Stronghold’s portfolio of energy assets, our operational expertise and strong financial position, we are well positioned to create long-term value for our shareholders by executing our strategy in the U.S. and growing our scalable HPC/AI business,” Gagnon said.

Last August, Bloomberg reported that Bitfarms had agreed to acquire Stronghold Digital Mining for about $125 million in a stock-exchange deal. The deal included about $50 million in assumed debt and expands Bitfarms’ mining capabilities by providing additional energy sources.

The acquisition comes as Bitfarms has been defending itself against takeover attempts by Riot Platforms, which has reportedly made an unsolicited offer to buy Bitfarms for $950 million.

Source: cryptonews.net