Bitfarms has strategically decided to acquire Stronghold Digital for $175 million, which includes both stock and assumed debt, showcasing its aggressive expansion strategy.
In a significant move, Bitfarms will pay $125 million in stock, which translates to a 71% premium over Stronghold's recent trading average, indicating confidence in Stronghold's potential.
The acquisition of Stronghold comes amid Bitfarms navigating its own challenges with Riot Platforms, who have shifted their focus from bidding to increasing stake and board influence.
Stock market reactions reflected varying sentiments; Bitfarms experienced an 8% pre-market drop, while Stronghold's shares surged nearly 60%, highlighting investor dynamics amid the buyout.
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