Bitcoin mining agency Bitfarms introduced immediately it has accomplished its acquisition of Stronghold Digital Mining, securing a 1.1 gigawatt development pipeline throughout three websites in Pennsylvania and increasing its presence within the PJM market.
Beneath the phrases of the settlement, Stronghold shareholders acquired 2.52 Bitfarms shares for each share of Stronghold inventory they owned.
Stronghold additionally ceased to exist as an unbiased, publicly traded firm. The entity turned a wholly-owned subsidiary of Bitfarms. This implies Bitfarms now controls all of Stronghold’s property and operations. Its inventory was faraway from the NASDAQ change.
The acquisition will increase Bitfarms’ vitality portfolio to 623 Megawatts Beneath Administration, including 165 MW of energetic producing capability and 142 MW of instantly out there import capability. The deal is predicted to rebalance Bitfarms’ year-end 2025 vitality portfolio to 80% North American and 20% worldwide.
Bitfarms’ CEO, Ben Gagnon, stated the acquisition will assist strengthen the corporate’s place within the US market, notably throughout the PJM vitality area. The acquisition instantly helps Bitfarms’ strategic give attention to increasing its American presence and creating a large-scale HPC and AI enterprise.
The mixed PJM pipeline, with its substantial gigawatt capability and strategically positioned infrastructure, provides a singular alternative to excel in each the HPC/AI and Bitcoin mining sectors, in line with Gagnon.
“With Stronghold’s portfolio of energy property, mixed with our operational experience and stability sheet power, we’re effectively positioned to create long-term worth for our shareholders by executing our US technique and creating an HPC/AI enterprise geared for scale,” stated Gagnon.
Bloomberg reported final August that Bitfarms agreed to amass Stronghold Digital Mining for about $125 million in a inventory transaction. The deal included round $50 million of assumed debt and enhances Bitfarms’ mining capability by offering extra energy sources.
The acquisition occurred as Bitfarms defended in opposition to a takeover try by Riot Platforms, which reportedly made an unsolicited $950 million supply for Bitfarms.
