Bitfarms Stock Jumps 6% as Stronghold Merger Gains Approval

Stronghold Digital Mining, Inc. announced that its shareholders had massively approved the proposed merger with Bitfarms Ltd.

During a special meeting, around 99.6% of the votes expressed favored the merger, which represents around 54.5% of the stocks in the circulation of Strongholh. Bitfarms’ shares were considered an increase of 6% on Friday morning while investors bet the current price that underestimates the mining company.

The merger should close in March 2025, pending satisfaction of the remaining conditions, according to to a liberation from Stronghold.

This merger comes as the two companies sail in cryptographic space. Bitfarms recently announced its intention to reuse some of its installations in AI data centers, aimed at capitalizing on the growing demand for high performance and IA services.

Likewise, other players in the industry such as Riot Platform have planned to reassign resources in AI and high performance IT, influenced by investors such as Starboard Value and Shaw.

These strategic changes reflect a broader trend among cryptocurrency extraction companies diversifying their operations in response to market dynamics.

Projected growth of Bitfarms

Bitfarms recently contented itself with RIOT platforms before its special shareholder meeting in November. As part of the agreement, Bitfarms appointed Amy Freedman to her board of directors, replacing Andrés Finkielsztain.

The agreement included a dead point until 2026 and granted Riot the right to buy more BitF shares while holding at least 15% of ownership.

HC Wainwright analysts believe The Bitfarms stock is planned for growth following a settlement with anti-riot platforms which ends an attempt to take a hostile takeover of six months. They predict that the share price could reach $ 4.