Stronghold Stockholders Approve Merger with Bitfarms
Deal News | Feb 27, 2025 | Globenewswire
Stronghold Digital Mining, Inc., a Bitcoin mining company, has received overwhelming support from its stockholders for its merger with Bitfarms Ltd. Approximately 99.6% of the votes cast at a recent special meeting approved the merger. The merger agreement initially dated August 21, 2024, involves Bitfarms, Backbone Mining Solutions LLC, and HPC & AI Megacorp, Inc., among others. Following this approval, the merger is anticipated to close in March 2025, subject to certain conditions. Stronghold is known for its vertically integrated and environmentally conscious mining operations, while Bitfarms is set to expand its reach with this acquisition. The announcement also stressed potential forward-looking risks, including regulatory approvals and litigation possibilities.
Sectors
- Cryptocurrency Mining
- Renewable Energy
Geography
- United States – Stronghold Digital Mining is based in the United States, with significant operations in Pennsylvania.
- Canada – Bitfarms Ltd. is listed on the Toronto Stock Exchange and is a key participant in the merger, indicating a Canadian connection.
Industry
- Cryptocurrency Mining – The article discusses a merger involving Stronghold, a Bitcoin mining firm, and Bitfarms, a digital mining company, pointing to the cryptocurrency mining sector.
- Renewable Energy – Stronghold operates environmentally beneficial coal refuse power generation facilities, integrating renewable energy practices in its operations.
Financials
- 99.6% – Percentage of votes cast in favor of the merger agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Stronghold Digital Mining, Inc. | Target company | Company | A vertically integrated Bitcoin mining company emphasizing environmentally beneficial operations. |
| Bitfarms Ltd. | Bidding Company | Company | A digital mining company aiming to merge with Stronghold to expand its operations. |
| Backbone Mining Solutions LLC | Subsidiary | Company | An indirect, wholly owned subsidiary of Bitfarms involved in the merger. |
| HPC & AI Megacorp, Inc. | Subsidiary | Company | A direct, wholly owned subsidiary of Backbone Mining Solutions LLC involved in the merger. |
| Gregory Beard | CEO | Person | Chief Executive Officer and Chairman of Stronghold Digital Mining, praised stockholders' support for the merger. |
| Matt Glover | Contact Person | Person | Investor contact at Gateway Group, Inc. for Stronghold. |