The Toronto-based firm will acquire Pennsylvania-based Stronghold in an all-stock deal that values Stronghold at about US$125 million. Bitfarms will also assume about US$50 million of Stronghold’s debt. (The Logic)
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The Toronto-based firm will acquire Pennsylvania-based Stronghold in an all-stock deal that values Stronghold at about US$125 million. Bitfarms will also assume about US$50 million of Stronghold’s debt. (The Logic)
Talking point: The deal comes amid an ongoing dispute with shareholder Riot Platforms. Riot has been steadily increasing its stake in Bitfarms over recent months, following a rejected US$950-million takeover bid. Consolidation in the Bitcoin mining sector is on the rise amid excitement over their potential role in powering the AI boom. Bitcoin mining and AI data centres use the same equipment. In a release, Bitfarms CEO Ben Gagnon said the acquisition will help the company expand its AI business and add new facilities. Stronghold’s stock surged more than 82 per cent, while Bitfarms closed down nearly one per cent.
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