{"id":36399,"date":"2024-08-21T14:14:26","date_gmt":"2024-08-21T14:14:26","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitfarms-agrees-to-buy-stronghold-digital-for-175m-in-stock-and-debt\/"},"modified":"2024-08-21T14:14:26","modified_gmt":"2024-08-21T14:14:26","slug":"bitfarms-agrees-to-buy-stronghold-digital-for-175m-in-stock-and-debt","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitfarms-agrees-to-buy-stronghold-digital-for-175m-in-stock-and-debt\/","title":{"rendered":"Bitfarms agrees to buy Stronghold Digital for $175M in stock and debt"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/Bitfarms-agrees-to-buy-Stronghold-Digital-for-175M-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/Bitfarms-agrees-to-buy-Stronghold-Digital-for-175M-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/Bitfarms-agrees-to-buy-Stronghold-Digital-for-175M-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/08\/Bitfarms-agrees-to-buy-Stronghold-Digital-for-175M-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Bitfarms to acquire Stronghold Digital for $175M in stock and assumed debt.<\/li>\n<li>Bitfarms\u2019 stock fell 8%, while Stronghold\u2019s rose 60% following the news.<\/li>\n<li>Riot Platforms, holding 19% of Bitfarms, previously attempted a takeover in June.<\/li>\n<\/ul>\n<p>In a significant development within the cryptocurrency mining sector, Bitfarms (BITF), a leading Bitcoin mining company, has <a href=\"https:\/\/www.globenewswire.com\/news-release\/2024\/08\/21\/2933358\/0\/en\/Bitfarms-to-Acquire-Stronghold-Digital-Mining.html\">announced<\/a> its acquisition of rival Stronghold Digital (SDIG) for $175 million. The deal, which includes $125 million in stock and the assumption of $50 million in debt, marks a strategic move by Bitfarms as it continues to navigate a competitive industry landscape.<\/p>\n<p>The acquisition terms specify that Stronghold shareholders will receive 2.52 Bitfarms shares for each Stronghold share they hold. This represents a 71% premium based on Stronghold\u2019s 90-day volume-weighted average price on Nasdaq as of August 16.<\/p>\n<p>The stock-for-stock transaction reflects Bitfarms\u2019 aggressive growth strategy, despite recent challenges and market volatility.<\/p>\n<h2>Giving Stronghold Digital a lifeline<\/h2>\n<p>The deal comes on the heels of Stronghold\u2019s announcement in May that it was exploring strategic alternatives, including a potential sale.<\/p>\n<p>Stronghold, based in New York, has been actively considering its options in response to the evolving market conditions.<\/p>\n<p>The acquisition provides Stronghold with a lifeline while enabling Bitfarms to consolidate its position in the market.<\/p>\n<h2>Riot Platforms abandoned Bitfarms takeover bid<\/h2>\n<p>Bitfarms\u2019 move to acquire Stronghold is particularly noteworthy as it comes at a time when the company is also contending with an ongoing approach by Riot Platforms (RIOT).<\/p>\n<p>Riot, which holds nearly 19% of Bitfarms, previously <a href=\"https:\/\/coinjournal.net\/news\/riot-platforms-wants-to-buy-bitfarms-for-950-million\/\">attempted to acquire the Toronto-based company in June<\/a>. However, Riot chose to abandon the bid temporarily, opting instead to overhaul Bitfarms\u2019 board of directors.<\/p>\n<p>This strategic manoeuvre has kept Bitfarms in the spotlight, as Riot\u2019s interest in the company is likely to continue influencing its future actions.<\/p>\n<p>The market reaction to the acquisition has been mixed, with Bitfarms\u2019 stock dropping nearly 8% in pre-market trading, while Stronghold\u2019s shares surged by about 60%.<\/p>\n<p>This acquisition underscores the ongoing consolidation within the cryptocurrency mining industry as companies seek to strengthen their positions in a rapidly evolving market.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bitfarms-agrees-to-buy-stronghold-digital-for-175m-in-stock-and-debt\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Bitfarms to acquire Stronghold Digital for $175M in stock and assumed debt. Bitfarms\u2019 stock fell 8%, while Stronghold\u2019s rose 60% following the news. Riot Platforms, holding 19% of Bitfarms, previously attempted a takeover in June. In a significant development within the [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":36400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36399"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36399"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36400"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}