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Bitfarms Completes Acquisition of Stronghold Digital Mining Company

The completion of the four-month acquisition deal marks the beginning of an exciting new chapter for Bitfarms.
Ephraim Emmanuel
Last updated:
17 March 2025 @ 15:51 UTC
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Bitcoin mining company Bitfarms today announced the completion of its previously announced acquisition of Stronghold Digital Mining, Inc. The strategic deal, which had been in the works for months, marks a significant milestone in Bitfarms’ expansion plans and cements its position as a leading player.

A Strategic Power Play

The deal between Bitfarms and Stronghold Digital Mining started on August 21, 2024, when the two companies announced that they had entered into a definitive merger agreement. Under this agreement, Bitfarms would acquire Stronghold in a stock-for-stock merger transaction valued at approximately $125 million in equity plus the assumption of debt valued at around $50 million.

As part of the agreement, Stronghold shareholders would receive 2.52 Bitfarms shares for each Stronghold share they own, translating to $6.02 per share. This represents a 71% premium over Stronghold’s 90-day average share price on Nasdaq as of August 16, 2024.

The Boards unanimously approved the deal of the Directors of both companies and was subject to receipt of Stronghold shareholder approval, applicable regulatory approvals, and other customary closing conditions.  As of today, March 17, 2025, the acquisition has been completed, and Bitfarms has successfully integrated Stronghold Digital Mining into its operations.

A Bright Future Ahead

The acquisition is expected to expand and rebalance Bitfarms’ energy portfolio to approximately 50% in the US by the end of 2025. It would also add 4.0 EH/s to Bitfarms’ hash rate, with a potential expansion capacity of over 10 EH/s with fleet refresh. The acquisition also provides Bitfarms with access to additional electrical power and opportunities.

Stronghold’s expertise in environmentally beneficial operations also enhances Bitfarms’ commitment to sustainability. Furthermore, the deal has added 142 MW of PJM import capacity, with a long-term expansion potential of up to 790 MW. Overall, the acquisition positions Bitfarms for significant growth and increased competitiveness in the Bitcoin mining industry.

With the combined entity, Bitfarms is poised to increase its global presence, drive revenue growth, and solidify its position as a major force in the Bitcoin mining sector.

Ephraim Emmanuel

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