Bitcoin miner Bitfarms completes Stronghold acquisition, increases capacity to 623 MW

Bitcoin mining firm Bitfarms announced today it has completed its acquisition of Stronghold Digital Mining, securing a 1.1 gigawatt growth pipeline across three sites in Pennsylvania and expanding its presence in the PJM market.

Under the terms of the agreement, Stronghold shareholders received 2.52 Bitfarms shares for every share of Stronghold stock they owned.

Stronghold also ceased to exist as an independent, publicly traded company. The entity became a wholly-owned subsidiary of Bitfarms. This means Bitfarms now controls all of Stronghold’s assets and operations. Its stock was removed from the NASDAQ exchange.

The acquisition increases Bitfarms’ energy portfolio to 623 Megawatts Under Management, adding 165 MW of active generating capacity and 142 MW of immediately available import capacity. The deal is expected to rebalance Bitfarms’ year-end 2025 energy portfolio to 80% North American and 20% international.

Bitfarms’ CEO, Ben Gagnon, said the acquisition will help strengthen the company’s position in the US market, particularly within the PJM energy region. The acquisition directly supports Bitfarms’ strategic focus on expanding its American presence and developing a large-scale HPC and AI business.

The combined PJM pipeline, with its substantial gigawatt capacity and strategically positioned infrastructure, offers a unique opportunity to excel in both the HPC/AI and Bitcoin mining sectors, according to Gagnon.

“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 by executing our US strategy and developing an HPC/AI business geared for scale,” said Gagnon.

Bloomberg reported last August that Bitfarms agreed to acquire Stronghold Digital Mining for approximately $125 million in a stock transaction. The deal included around $50 million of assumed debt and enhances Bitfarms’ mining capacity by providing additional power sources.

The acquisition occurred as Bitfarms defended against a takeover attempt by Riot Platforms, which reportedly made an unsolicited $950 million offer for Bitfarms.