Bitfarms Advances U.S. Strategy with Completion of Stronghold Digital Mining Acquisition

Core Viewpoint - Bitfarms Ltd. has successfully completed the acquisition of Stronghold Digital Mining, enhancing its position as a leading Bitcoin miner in the PJM market and expanding its U.S. portfolio [2][3]. Group 1: Acquisition Details - The acquisition was executed as a stock-for-stock merger, with Stronghold shareholders receiving 2.52 shares of Bitfarms for each Stronghold share [4]. - Approximately 59,678,164 Bitfarms common shares and 10,574,848 Bitfarms warrants were issued in connection with the merger, along with a payment of approximately $44.5 million to retire Stronghold's outstanding loans [4][5]. Group 2: Strategic Growth and Positioning - The acquisition allows Bitfarms to rebalance its energy portfolio to 80% North American and 20% international by year-end 2025 [2]. - The combined PJM pipeline spans over 1 GW across three sites in Pennsylvania, strategically positioned for both HPC/AI and Bitcoin mining [3][6]. - Bitfarms' energy portfolio now includes 623 Megawatts Under Management (MWuM), with an additional 165 MW of active generating capacity and 142 MW of immediately available import capacity [6]. Group 3: Future Opportunities - The company aims to develop two power campuses totaling nearly 1 GW for HPC/AI applications, with strategic partners prioritizing Stronghold sites for potential conversion [6]. - Bitfarms adds nearly 1 Exahash Under Management (EHuM) through existing hosting agreements, bringing its total to 18 EHuM [6].