Bitcoin Miner Bitfarms in Talks to Acquire Stronghold in All-Stock Deal

Bitcoin mining company Bitfarms Ltd. agreed to acquire Stronghold Digital Mining Inc. for about $125 million in stock while it fends off a takeover attempt by Riot Platforms Inc.

Stronghold shareholders will receive 2.52 Bitfarms shares for each share held, the companies said in a statement Wednesday. That’s a premium of around 70% of Stronghold’s 90-day volume-weighted average price on Nasdaq as of Aug. 16. The transaction also includes assumed debt of about $50 million.