Insider: Bitcoin mining company Bitfarms is in talks to acquire Stronghold for $164 million

Bitcoin mining company Bitfarms Ltd. is in talks to buy Stronghold Digital Mining Inc. for about $164 million, while also fending off a takeover attempt by Riot Platforms Inc., according to people familiar with the matter. Stronghold shareholders will receive about 2.5 Bitfarms shares for each share they hold, the people said. The deal includes the assumption of debt. Stronghold, which announced in May that it was considering a sale of the company and other alternatives, has a market value of about $66 million and reported a loss of $21.3 million on revenue of $19.1 million in the second quarter. Bitfarms had revenue of $41.5 million in the second quarter. The merger will give Bitfarms more access to electricity through Stronghold, which has its own power generation and interconnection to the local grid, thereby increasing its mining capabilities. (Bloomberg)