Bitfarms has announced the acquisition of Stronghold Digital Mining in a stock-for-stock merger valued at approximately C$170 million. This merger is set to expand and rebalance Bitfarms’ energy portfolio to 950 megawatts (MW) by the end of 2025, with nearly 50% of that capacity located in the U.S.
Stronghold Digital Mining owns over 3.03 square km of land, with options for an additional 4.45 square km, as well as two merchant power plants in Pennsylvania – the Scrubgrass and Panther Creek facilities. Bitfarms Ltd. and Stronghold Digital Mining Inc. were last traded at C$3.20 and C$3.98 per share, respectively.
This acquisition will allow Bitfarms to diversify beyond Bitcoin mining and create greater shareholder value by integrating with power generation, expanding energy trading capabilities, and securing potential sites for HPC/AI with significant expansion potential. Stronghold is known for its expertise in Bitcoin mining and environmental services, boasting a hashrate of 4.0 EH/s and a current power generation capacity of 165 MW.
Bitfarms Ltd., established in 2017, is a global Bitcoin mining company with operations in Canada, the U.S., Paraguay, and Argentina. The acquisition of Stronghold Digital Mining marks a significant step in Bitfarms’ expansion and diversification strategy.
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