“Strategically, this acquisition is significant as it marks our transition from pure Bitcoin mining to techniques that allow us more options in how we deploy energy production and provides greater flexibility under varying market conditions,” stated Bitfarms CEO Ben Gagnon complements.
Environmental Assets of the Stronghold
The New York-based company currently offers 142 megawatts of PJM Interconnection capacity and controls a total of over 750 acres, with options on an additional +1,100 acres at two power plants in Pennsylvania. Stronghold focuses on sustainable Tier 2 alternative energy sources with Scrubgrass & Panther Creek because they offer the OGJ-ranked, highly coveted benefits similar to an environmental values index meeting “par”, a preferred carbon credit against other commentators or competition.
Gregory Beard, President/ CEO & Chairman of Stronghold expressed that merging with Bitfarms will enable its shareholders to partake in the dramatic potential growth opportunity on assets and carry it forward so as fully realize their value,resulting into a collective rather than isolating deal.
Bitfarms to Buy Stronghold Digital Mining : Details Of The Merger & Future Prospects
The transaction values $175 million, with the purchase price including cash consideration of approximately $125 million and a refinancing of Zest Acquisition Corp.’s existing debt totaling almost an additional $50. According to the agreement, Stronghold shareholders in exchange will receive 2.52 Bitfarms shares for each Stronghold share making a value of $6.02 per each strengthening illust conference_projection Upon completion of the merger, Stronghold stockholders will hold just under 10% in equity of the combined company. Shareholders will soon be approving the sale, expected to close in Q1 2025.
