Bitfarms Ltd., a global Bitcoin mining company, has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. in a stock-for-stock transaction valued at approximately US$125 million in equity and the assumption of US$50 million in debt. The merger, expected to close in the first quarter of 2025, will expand Bitfarms' energy portfolio to approximately 50% in the U.S. by year-end 2025 and provide a clear path to 950 MW active power capacity. Stronghold, a crypto asset mining company, brings 4.0 EH/s of hashrate and 165 MW of generated power capacity, with potential expansion to over 10 EH/s. The acquisition includes 142 MW of PJM import capacity with long-term expansion potential up to 790 MW. Bitfarms' CEO Ben Gagnon highlighted...Show More

Bitfarms Ltd., a global Bitcoin mining company, has entered into a definitive merger agreement to acquire Stronghold Digital Mining, Inc. in a stock-for-stock transaction valued at approximately US$125 million in equity and the assumption of US$50 million in debt. The merger, expected to close in the first quarter of 2025, will expand Bitfarms' energy portfolio to approximately 50% in the U.S. by year-end 2025 and provide a clear path to 950 MW active power capacity. Stronghold, a crypto asset mining company, brings 4.0 EH/s of hashrate and 165 MW of generated power capacity, with potential expansion to over 10 EH/s. The acquisition includes 142 MW of PJM import capacity with long-term expansion potential up to 790 MW. Bitfarms' CEO Ben Gagnon highlighted the strategic step in diversifying beyond Bitcoin mining to create long-term shareholder value, while Director of Sustainability Arnold Lee emphasized the environmental leadership through the reclamation facilities acquired. Stronghold's CEO Gregory Beard expressed confidence in the value maximization for shareholders of both companies. The transaction has been approved by both companies' Boards of Directors and is subject to shareholder and regulatory approvals. An investor conference call was held on August 21, 2024, to discuss the transaction details.