M&A Deal Summary

Bitfarms Acquires Stronghold

On August 21, 2024, Bitfarms acquired information technology company Stronghold for 125M USD

Acquisition Highlights
  • This is Bitfarms’ 1st transaction in the Information Technology sector.
  • This is Bitfarms’ largest (disclosed) transaction.
  • This is Bitfarms’ 1st transaction in the United States.
  • This is Bitfarms’ 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2024-08-21
Target Stronghold
Sector Information Technology
Buyer(s) Bitfarms
Deal Type Add-on Acquisition
Deal Value 125M USD
Advisor(s) Vinson & Elkins
Blake, Cassels & Graydon (Legal)

Target

Stronghold

Kennerdell, Pennsylvania, United States
Stronghold is an environmentally beneficial and vertically integrated public Bitcoin mining company operating an environmentally beneficial mining waste power generation facility, and it is recognized as an Alternative Energy System because mining waste is classified under Pennsylvania law as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). Stronghold is based in Kennerdell, Pennsylvania.

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Buyer(S) 1

Buyer

Bitfarms

Brossard, Quebec, Canada
Category Company
Founded 2017
Sector Information Technology
Revenue 146M USD (2023)
DESCRIPTION

Bitfarms is a global Bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. The company develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. Bitfarms was formed in 2017 and is based in Brossard, Quebec.

DEAL STATS #
Overall 1 of 1
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Pennsylvania) 1 of 1
Country (United States) 1 of 1
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
Mergr

Product

Company

Legal