The acquisition was executed as a stock-for-stock merger, with Stronghold shareholders receiving Bitfarms shares. The transaction also involved retiring approximately $44.5 million in Stronghold's outstanding loans. Bitfarms aims to create long-term value by expanding its U.S. footprint and developing an HPC/AI business. The company currently operates 15 Bitcoin data centers across four countries, focusing on sustainable energy sources.
Key takeaways:
- Bitfarms has completed the acquisition of Stronghold Digital Mining, expanding its U.S. footprint and positioning it as a leading Bitcoin miner in the PJM market.
- The acquisition increases Bitfarms' energy portfolio to 623 Megawatts Under Management, with a 1.1 GW growth pipeline in Pennsylvania.
- The acquisition supports Bitfarms' strategy to develop High Performance Computing and Artificial Intelligence capabilities, with potential power campuses totaling nearly one gigawatt.
- Bitfarms acquired Stronghold in a stock-for-stock merger, issuing approximately 59,678,164 Bitfarms common shares and 10,574,848 Bitfarms warrants, and retiring approximately $44.5 million in Stronghold loans.