Canadian miner Bitfarms has bought US competitor Stronghold Digital
The deal amount exceeded $110 million
17.03.2025 - 15:00
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What’s new? Canadian miner Bitfarms (BITF), with a capitalization of $540 million, has announced the successful completion of a deal to buy US competitor Stronghold Digital Mining (SDIG). First announced last August, the merger was the largest publicly traded company in the bitcoin mining industry. The share buyback was worth more than $110 million at the time of the deal.
What else is known? The purchase strengthens Bitfarms’ presence in the US energy market, and specifically in the market of the country’s largest transmission organization, PJM. It allows the miner to increase its North American energy portfolio from 6% to 80% by the end of the year.
Bitfarms CEO Ben Gagnon, in comments to Crypto In America, noted the positive changes in the regulatory climate and expressed hope that the merger will coincide with a turning point for bitcoin mining in the United States.
“The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. This marks the start of an exciting new chapter for Bitfarms, and we’re thrilled to welcome the talented Stronghold team to write that chapter with us,” Gagnon said.
The purchase of Stronghold follows a failed hostile takeover attempt of Bitfarms by US-based Riot (RIOT), the world’s second-largest bitcoin miner with a capitalization of $2,73 billion.
After a five-month struggle, during which Riot built up a stake in Bitfarms and the latter responded by announcing the issuance of new shares at a reduced price to existing shareholders in a “poison pill” method to reduce the competitor's stake, Riot abandoned the takeover and instead received a 20% stake in BITF.
Shares of miner CleanSpark with a capitalization of $2,2 billion will be included in S&P SmallCap 600
Last year, mining company Marathon Digital was included in this stock index
BITF shares are trading at $1,12 on the Nasdaq, having added 0,45% overnight. At the same time, the securities have fallen in price by 14% over the month, and since the beginning of the year the decline has amounted to 29%.
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