Bitcoin Miner Bitfarms to Buy Rival Stronghold Digital for $175M in Stock, Debt

Bitcoin miner Bitfarms (BITF) said it agreed to buy rival Stronghold Digital (SDIG) for $175 million in stock and assumed debt.

The offer comprises 2.52 Bitfarms shares for each one of Stronghold, a premium of 71% to Stronghold’s 90-day volume-weighted average price on Nasdaq as of Aug. 16, Bitfarms said in a statement.

Navigating Crypto Volatility: Rate Cuts, Recession Fears, and More

18:48

Navigating Crypto Volatility: Rate Cuts, Recession Fears, and More

Fed's Potential Rate Cut in September Could Give Bitcoin a 'Positive Bump': Strategist

00:45

Fed’s Potential Rate Cut in September Could Give Bitcoin a ‘Positive Bump’: Strategist

Floki Scores Deals With English Premier League Teams; Mango Markets Prepares SEC Settlement

02:07

Floki Scores Deals With English Premier League Teams; Mango Markets Prepares SEC Settlement

U.S. Elections-Linked Bitcoin Options Draw Nearly $350M

00:53

U.S. Elections-Linked Bitcoin Options Draw Nearly $350M

Bitfarms is itself fending off an approach by Riot Platforms (RIOT), which in June abandoned an attempt to buy the company in favor of overhauling the board and building its stake in the Toronto-based company before engaging in further takeover attempts. It now owns almost 19% of Bitfarms.

Stronghold in May said it was exploring strategic alternatives that could include the sale of the company.

Disclosure

Please note that our

cookies,

and

do not sell my personal information

has been updated

CoinDesk is an

award-winning

media outlet that covers the cryptocurrency industry. Its journalists abide by a

strict set of editorial policies.

In November 2023

, CoinDesk was acquired

by the Bullish group, owner of

Bullish,

a regulated, digital assets exchange. The Bullish group is majority-owned by

Block.one; both companies have

interests

in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.

CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Share this: