Bitfarms Seals $110M Stronghold Acquisition, Expands Energy Capacity
Deal News | Mar 17, 2025 | EIN
Bitfarms, a Canadian Bitcoin miner, has completed the acquisition of Stronghold Digital Mining for $110 million, marking the largest merger between two publicly listed Bitcoin mining companies. In a stock-for-stock transaction finalized on February 28, Stronghold shareholders received 2.52 Bitfarms shares for each of their shares. This acquisition expanded Bitfarms' energy capacity to 623 megawatts and increased its computing power by nearly 1 Exahash, now totaling 18 Exahash. Bitfarms aims to convert two of Stronghold’s power sites into AI and computing hubs. The merger significantly boosts Bitfarms' share in the North American energy market from 6% to 80%, positioning the company to create long-term shareholder value. Despite these strategic gains, Bitfarms' stock dipped slightly following the announcement.
Sectors
- Cryptocurrency Mining
- Energy
- Technology
Geography
- Canada – Bitfarms is a Canadian Bitcoin mining company, central to the article’s narrative.
- United States – The expansion, including power sites in Pennsylvania and increased North American energy market share, emphasizes the U.S. relevance.
Industry
- Cryptocurrency Mining – The article primarily deals with companies engaged in Bitcoin mining, highlighting a merger between two major players in this sector.
- Energy – Both Bitfarms and Stronghold Digital Mining are heavily invested in energy assets, relevant as they expand their capacity to 623 megawatts post-merger.
- Technology – Plans to transform mining facilities into AI and computing hubs indicate strategic movement into the broader technology sector.
Financials
- $110 million – The acquisition value of Stronghold Digital Mining by Bitfarms.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bitfarms | Acquiring Company | Company | A Canadian company engaged in Bitcoin mining, has acquired Stronghold Digital Mining. |
| Stronghold Digital Mining | Target Company | Company | An American Bitcoin mining company that has been acquired by Bitfarms. |
| Ben Gagnon | Chief Executive Officer of Bitfarms | Person | The CEO of Bitfarms, who is quoted in the article about future plans post-acquisition. |