Catenaa, Thursday, March 27, 2025 – Bitcoin mining firm Bitfarms has completed its acquisition of Stronghold Digital Mining, securing access to a 1.1-gigawatt energy pipeline across three Pennsylvania sites.
The deal strengthens Bitfarms’ presence in the PJM energy market, a key US power region. As part of the agreement, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share. The company has since been delisted from NASDAQ, becoming a wholly owned subsidiary of Bitfarms.
The acquisition expands Bitfarms’ total energy portfolio to 623 megawatts under management, adding 165 MW of active power and 142 MW of import capacity. It also rebalances the company’s operations to 80% in North America and 20% internationally.
Bitfarms CEO Ben Gagnon emphasized that the deal enhances the firm’s US strategy while integrating Stronghold’s infrastructure to support both Bitcoin mining and artificial intelligence-focused high-performance computing.
“With Stronghold’s power assets, operational expertise, and balance sheet strength, we are well-positioned to create long-term shareholder value,” Gagnon said.
Bitfarms acquired Stronghold in a stock-based deal worth approximately $125 million, including $50 million in assumed debt. The acquisition follows an unsolicited $950 million takeover bid from Riot Platforms, which Bitfarms has resisted.
The US remains dominant in global Bitcoin mining, accounting for over 40% of total hashrate.
Leading mining pools, including Foundry USA and MARA Pool, continue to expand operations as AI-driven data center investments grow.
