Bitfarms stock dips despite $110m acquisition

Canadian minor Bitcoin Bitfarms has finalized the acquisition of Stronghold Digital Mining, marking the largest merger between two Bitcoin extraction companies listed publicly.

According to a press release published On March 17, Bitfarms completed the acquisition of all Stronghold Digital Mining stocks. The merger was approved On February 28, with 99.6% of the votes voted in favor, which represents approximately 54.5% of the stocks in the circulation of Strongholh.

Bitfarms acquired Stronge-Bolhold with a stock fusion for storage, Strongehold shareholders receiving 2,52 Bitfarms shares for each Strongehold action they had. Nearly 60 million Bitfarms shares and more than 10.5 million mandates were issued within the framework of the agreement. Strongolh’s stock has been removed from Nasdaq And has stopped negotiating.

The action of Bitfarms opened its doors on Monday morning, but lost all purchasing momentum and was negotiated down approximately 1% in the early afternoon.

Acquisition details

With Stronghold now fully integrated into Bitfarms, the mining giant has widened its energy capacity to 623 megawatts – including existing production of electricity production and network import in Pennsylvania.

In addition, Bitfarms now manages near another examination of calculation power, bringing its total to 18 Exehash. A previous agreement where Stronghold has welcomed minors for others is now used for direct mining operations in Bitfarms.

Bitfarms also sees the potential to convert two fortress power sites into large -scale AI centers and in computer science, with plans to associate with industry players to develop these installations.

“With Strongolh’s power portfolio, combined with our operational expertise and our balance sheet, we are well placed to create a long -term value for our shareholders by performing our American strategy and developing an HPC / AI company for the scale,” said Ben Gagnon, CEO of Bitfarms.

In addition to increasing its electricity assets, the acquisition has increased the share of Bitfarms on the North American energy market from 6% to 80%.