Insiders: Bitfarms is in talks to acquire mining company Stronghold for $164 million.

ChainCatcher news, according to Bloomberg citing informed sources, Bitcoin mining company Bitfarms is negotiating to acquire Stronghold Digital Mining Inc. for approximately $164 million, while also fending off acquisition attempts from Riot Platforms Inc. Informed sources say that Stronghold shareholders will receive about 2.5 shares of Bitfarms stock for each share they hold. This deal includes the assumption of debt.

Stronghold announced in May that it was considering selling the company and other alternatives, with a market value of about $66 million. Riot holds nearly 19% of Bitfarms and has made an unsolicited $950 million acquisition offer. Bitfarms rejected its acquisition proposal in April. To counter this acquisition attempt, Bitfarms has adopted a "poison pill" defense strategy to prevent hostile takeovers. After Riot attempted to replace three board members with its recommended candidates, the company is set to hold a special shareholder meeting on October 29.