Catenaa, Saturday, March 22, 2025-Bitfarms has completed its acquisition of Stronghold Digital in a stock-for-stock merger, further enhancing its footprint in the US.
The deal, valued at $175 million when announced last August, positions Bitfarms to increase its mining capacity and operational capabilities.
The transaction closed on Monday, with Stronghold shareholders receiving 2.52 Bitfarms shares for each Stronghold share, totaling 59.7 million common shares and over 10.5 million warrants. Additionally, $44.5 million was used to settle Stronghold’s outstanding loans.
The acquisition significantly boosts Bitfarms’ hashrate to 18 EH/s and expands its energy portfolio to 623 MW, while securing a 1.1 GW growth pipeline in Pennsylvania.
The company plans to increase its North American operations, targeting a shift to 80% domestic operations by year-end. The deal also strengthens Bitfarms’ position in the high-performance computing (HPC) and AI hosting sectors.
In a separate transaction, Bitfarms sold its 200 MW hydro-powered facility in Paraguay to HIVE Digital for $56 million. The sale, part of a larger $85 million deal, will see HIVE increase its mining capacity by 317%, with plans to reach 25 EH/s by September. HIVE’s ongoing projects in Paraguay are expected to enhance its position in the global mining market, emphasizing sustainable energy practices and local infrastructure development.
