Bitfarms and DMG Blockchain: A Look at Their Latest Moves

August 22, 2024

Bitfarms expands its U.S. presence with the acquisition of Stronghold Digital Mining, while DMG Blockchain Solutions Inc. gears up for its Q3 2024 earnings amidst active participation in investor conferences. Join us for an in-depth analysis of these developments.

Bitfarms Ltd. has announced a definitive merger agreement to acquire Stronghold Digital Mining, Inc. in a deal valued at approximately $125 million in equity and the assumption of $50 million in debt. This stock-for-stock transaction is expected to expand Bitfarms' energy portfolio to about 50% in the U.S. by the end of 2025 and increase their active power capacity to 950 MW. The merger will also enhance Bitfarms' hashrate by 4.0 EH/s, potentially exceeding 10 EH/s, solidifying its position in the digital assets mining industry. The transaction, which has received unanimous approval from the Boards of Directors of both companies, is anticipated to close in the first quarter of 2025, pending regulatory and shareholder approvals. Additionally, DMG Blockchain Solutions Inc. will release its third-quarter financial results on August 26, 2024, and host a conference call on August 27. DMG will also present at the 2024 Gateway Conference and the H.C. Wainwright 26th Annual Global Investment Conference in early September.