Bitfarms completes acquisition of Stronghold, strengthens US presence

Canada-based Bitcoin mining firm has closed its acquisition of crypto platform Stronghold.
Ben Gagnon, the chief executive officer of Bitfarms, commented on the Stronghold deal in a CNBC interview.
Bitfarms targets BTC mining as the core business.

Bitfarms, a Canadian-based Bitcoin mining company, has finalized its acquisition of Stronghold Digital Mining, Inc.

The Bitfarms team confirmed the closing of the all-stock deal, also via X. In the announcements, Bitfarms noted that the acquisition marks the largest public-to-public deal in the crypto mining industrys history.

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 new era for Bitfarms and the broader ecosystem, with this deal of the steps that will also see the BTC miner explore other opportunities across artificial intelligence (AI). The miner will also look to expand its capabilities within the crypto infrastructure space.

Ben Gagnon, the chief executive officer of Bitfarms, also commented on the Stronghold deal during an interview with CNBC on March 17, 2025.

According to Gagnon, the over $110 million acquisition, which was first announced in August 2024, is a key transaction for the company.

Integration of Strongholds assets into Bitfarms operations will not only boost the BTC miners energy capacity, but also strengthen its footprint 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. With Strongholds 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 said.

While Bitfarms is also looking to boost its revenue with a foray into AI and high-performance computing (HPC), Gagnon says BTC mining remains the companys core business.

This is despite the market conditions that have seen miners sell off their assets.

Our core business remains Bitcoin mining, but we see significant potential in leveraging our infrastructure for HPC and AI, especially with the power assets weve acquired from Stronghold, he noted.

All-stock deal closes

As part of the deal, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share held. Settlement also involved the retirement of Strongholds debt of roughly $44.5 million.

The completion of this acquisition follows months of strategic maneuvering, including Bitfarms fending off a hostile takeover bid from Riot Platforms in 2024. Completing the deal means Bitfarms is now poised to capitalize on the enhanced infrastructure and market position. The aim is to deliver long-term value to shareholders.

Bitfarms said it earned 213 BTC from mining, with this accounting for a 6% increase month over month. Meanwhile, operational hashrate stood at 16.1 EH/s, also a 6% spike in February. Meanwhile, the company held 1,260 BTC in its treasury.

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