Bitfarms, a Canadian Bitcoin miner, has completed its $110 million all-stock acquisition of Stronghold Digital Mining, the largest merger between two publicly traded Bitcoin mining firms.
The merger, approved on Feb. 28 with 99.6% of votes in favor, involved Stronghold shareholders receiving 2.52 Bitfarms shares for each Stronghold share. Nearly 60 million Bitfarms shares and over 10.5 million warrants were issued. Stronghold’s stock was delisted from Nasdaq and ceased trading.
Bitfarms’ stock opened higher Monday but slipped about 1% by early afternoon.
Acquisition Details
With Stronghold now integrated, Bitfarms’ energy capacity has grown to 623 megawatts, including Pennsylvania’s power generation and grid import capacity. The deal also adds nearly 1 Exahash of computing power, raising Bitfarms’ total to 18 Exahash.
Bitfarms plans to convert two Stronghold power sites into AI and computing hubs, aiming to partner with industry players.
“With Stronghold’s power assets and our operational expertise, we’re well positioned to create long-term value and grow our HPC/AI business,” said Bitfarms CEO Ben Gagnon.
The acquisition boosts Bitfarms’ share of the North American energy market from 6% to 80%.
