The Canada-based Bitcoin mining company has closed its acquisition of its crypto platform base. Bitfarms CEO Ben Gagnon commented on the base transaction in an interview with CNBC. BitFarms targets BTC mining as its core business.
Bitfarms, a Canada-based Bitcoin mining company, is Stronghold Digital Mining, Inc. has completed the acquisition of
The Bitfarms team confirmed the closure of all stock trading via X. In the announcement, Bitfarms noted that the acquisition marks the “largest public-to-public” deal in the history of crypto mining.
“We are proud to announce the success of our acquisition of Stronghold Digital (SDIG),” posted Bitfarms. “This milestone will significantly expand our US footprint, strengthen our position in the highly attractive PJM market and strengthen our leadership in digital asset infrastructure.”
BitFarms expands footprint
Stronghold launches a new era of BitFarms and the broader ecosystem. This is a contract for this step where BTC miners explore other opportunities across artificial intelligence (AI). Miners also aim to expand capabilities within the crypto infrastructure space.
Bitfarms CEO Ben Gagnon also commented on the Stronghold deal in an interview with CNBC on March 17, 2025.
According to Gagnon, the $110 million acquisition, first announced in August 2024, is a significant transaction for the company.
Integrating base assets into Bitfarms operations not only increases the energy capabilities of BTC miners, but also enhances the footprint in the US.
“The completion of this strategic acquisition will further expand our US footprint, becoming an industry leader in the PJM market, combining operational expertise with strength in balance sheets to create long-term value for shareholders.
BitFarms is also considering making revenue by expanding into AI and expanding into high-performance computing (HPC), but Gagnon says BTC mining remains its core business.
This is despite the market conditions where miners have seen them sell their assets.
“While our core business remains Bitcoin mining, we believe there is great potential in leveraging HPC and AI infrastructure, especially with power assets acquired from our locations,” he said.
All shares will be closed
As part of the transaction, the base shareholders received 2.52 Bit Farm shares for each base share held. The settlement also included a retirement from the base retirement benefits of approximately $44.5 million.
The acquisition’s completion follows months of strategic manipulation in 2024, including BitFarm, which dodged hostile buyback bids from the riot platform. Once the transaction is completed, BitFarm is poised to expand its infrastructure and market position. The aim is to provide long-term value to shareholders.
Bitfarms said it has won 213 BTC from the mining industry, a 6% increase per month. Meanwhile, the operational hashrate was 16.1 EH/s, a 6% spike in February. Meanwhile, the company owned 1,260 BTC in the Ministry of Finance.
