- Canada-based Bitcoin mining agency has closed its acquisition of crypto platform Stronghold.
- Ben Gagnon, the chief government officer of Bitfarms, commented on the Stronghold deal in a CNBC interview.
- Bitfarms targets BTC mining because the core enterprise.
Bitfarms, a Canadian-based Bitcoin mining firm, has finalized its acquisition of Stronghold Digital Mining, Inc.
The Bitfarms workforce confirmed the closing of the all-stock deal, additionally through X. Within the bulletins, Bitfarms famous that the acquisition marks the “largest public-to-public” deal within the crypto mining trade’s historical past.
“We are proud to announce the successful acquisition of Stronghold Digital (SDIG),” Bitfarms posted. “This milestone significantly expands our U.S. footprint, strengthens our position in the highly attractive PJM market, and reinforces our leadership in digital asset infrastructure.”
Bitfarms expands US footprint
Stronghold begins a brand new period for Bitfarms and the broader ecosystem, with this deal of the steps that will even see the BTC miner discover different alternatives throughout synthetic intelligence (AI). The miner will even look to broaden its capabilities throughout the crypto infrastructure area.
Ben Gagnon, the chief government officer of Bitfarms, additionally commented on the Stronghold deal throughout an interview with CNBC on March 17, 2025.
In response to Gagnon, the over $110 million acquisition, which was first introduced in August 2024, is a key transaction for the corporate.
Integration of Stronghold’s belongings into Bitfarms’ operations is not going to solely increase the BTC miner’s vitality capability, but in addition strengthen its footprint in the USA.
“The completion of this strategic acquisition further expands our U.S. footprint and makes us the industry leader in the PJM market. With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders,” Gagnon stated.
Whereas Bitfarms can also be trying to increase its income with a foray into AI and high-performance computing (HPC), Gagnon says BTC mining stays the corporate’s core enterprise.
That is regardless of the market circumstances which have seen miners unload their belongings.
“Our core business remains Bitcoin mining, but we see significant potential in leveraging our infrastructure for HPC and AI, especially with the power assets we’ve acquired from Stronghold,” he famous.
All-stock deal closes
As a part of the deal, Stronghold shareholders obtained 2.52 Bitfarms shares for every Stronghold share held. Settlement additionally concerned the retirement of Stronghold’s debt of roughly $44.5 million.
The completion of this acquisition follows months of strategic maneuvering, together with Bitfarms keeping off a hostile takeover bid from Riot Platforms in 2024. Finishing the deal means Bitfarms is now poised to capitalize on the improved infrastructure and market place. The goal is to ship long-term worth to shareholders.
Bitfarms stated it earned 213 BTC from mining, with this accounting for a 6% enhance month over month. In the meantime, operational hashrate stood at 16.1 EH/s, additionally a 6% spike in February. In the meantime, the corporate held 1,260 BTC in its treasury.
