Stronghold Digital Mining (SDIG) was successfully acquired by Bitfarms Ltd., a Canadian Bitcoin mining business, for more than $110 million in shares. The largest merger to date occurred on March 17, 2025, when two publicly traded Bitcoin mining businesses merged.
As an entirely owned subsidiary of Bitfarms, existing owners will get 2.52 shares of Bitfarms for every share they hold. Bitfarms also paid roughly $44.5 million to resolve outstanding loans and issued 10.6 million warrants and approximately 59.7 million common shares.
Bitfarms’ Strategic Expansion into North America
As a result of this acquisition, Bitfarms’s share of the North American energy market increased from just 6% to a dominant 80%. This increase makes it the dominant Bitcoin miner in one of North America’s largest electricity markets, the PJM interconnection territory.
Furthermore, the company’s operational capabilities will increase its energy portfolio to 623 Megawatts under management (MWuM). This total includes 165 MW of active generating capacity and 142 MW of immediately available import capacity.
Most importantly, the agreement guarantees a 1.1 gigawatt (GW) growth pipeline in Pennsylvania. This covers present power-generating capability, grid import capacity, and future development possibilities.
As stated in the company’s strategy plan, the pipeline will help it achieve its goal of 950 MW of active electricity capacity by the end of 2025.
HPC and AI diversification
Besides expanding its Bitcoin mining operations, Bitfarms is strategically positioning itself for diversification into high-performance computing (HPC) and artificial intelligence infrastructure.
Ben Gagnon, CEO of Bitfarms, states,
“Our combined PJM pipeline, spanning three sites in Pennsylvania, totals over 1 GW with strategically located land, power, and fiber that is well-suited for both HPC/AI and Bitcoin mining,”
The strategy aims to reduce dependence on Bitcoin price fluctuations by creating more stable revenue streams that will create sustainable shareholder value.
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