AcquisitionStronghold Digital Mining announced a binding all-stock agreement to be acquired by Canadian-based Bitfarms for $175M, including covering roughly $50M in Stronghold debt, at $6.02 per share, a 71% premium to the 90-day average Stronghold share price.
Expansion PotentialStronghold offered site expansion detail regarding both its existing 80MW Panther Creek site, where potential lies for a step-function expansion of 400MW for a total of 480MW and the 85MW Scrubgrass facility that could go to 475MW.
Financial PerformanceStronghold generated $8.7M in March EBITDA, versus a $3.9M loss in the year-ago quarter.