Bitfarms has agreed to buy rival Stronghold Digital for $175 million through a combination of stock and debt financing.
The deal, which has been approved by the boards of both companies, is expected to close in the first quarter of 2025.
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As part of the deal, the two companies will merge their shares in an equity transaction valued at $125 million, and Bitfarms will also assume $50 million of Stronghold's debt.
Bitfarms will pay a 71% premium for Stronghold shares, based on their 90-day volume-weighted average price as of August 16. Stronghold shareholders will receive 2.52 shares of Bitfarms' BITF stock for each share held.