Bitfarms Expands U.S. Strategy with Stronghold Acquisition

Deal News | Mar 17, 2025 | EIN

Bitfarms Ltd., a global Bitcoin mining and data center company, has completed its acquisition of Stronghold Digital Mining, Inc., bolstering its position in the PJM energy market. This acquisition enables Bitfarms to expand its energy portfolio to 623 MW under management, adds 1.1 GW growth potential in Pennsylvania, and increases its hashrate to 18 EHuM. Bitfarms aims to leverage Stronghold's assets to enhance its U.S. strategy and develop capacity for high-performance computing and AI. The acquisition was structured as a stock-for-stock merger, with Stronghold shareholders receiving Bitfarms shares, thereby making Stronghold a wholly-owned subsidiary. This move aligns with Bitfarms' strategic objective to optimize its North American presence and explore new opportunities in the HPC/AI sectors.

Sectors

Cryptocurrency Mining
High Performance Computing (HPC)
Energy Management

Geography

United States – The acquisition involves Stronghold's assets in the U.S., and Bitfarms aims to expand its U.S. operations.
Canada – Bitfarms is based in Toronto, Canada, making it a significant geography for the company.

Industry

Cryptocurrency Mining – Bitfarms and Stronghold are involved in Bitcoin mining, making this sector highly relevant to the article.
High Performance Computing (HPC) – The article discusses Bitfarms' potential to develop HPC facilities in their acquired Stronghold sites.
Energy Management – The acquisition increases Bitfarms' energy portfolio, relevant to sectors managing power generation and grid import capacity.

Financials

59,678,164 Bitfarms common shares – Issued to Stronghold shareholders during the merger.
10,574,848 Bitfarms warrants – Issued in connection with the merger.
$44.5 million – Paid at closing to retire outstanding Stronghold loans.

Participants

Name	Role	Type	Description
Bitfarms Ltd.	Acquirer	Company	A global Bitcoin mining and vertically integrated data center company.
Stronghold Digital Mining, Inc.	Target	Company	A digital mining company acquired by Bitfarms.
Ben Gagnon	CEO	Person	CEO of Bitfarms Ltd. made a statement about the acquisition.