Bitcoin mining company Bitfarms agrees to acquire Stronghold Digital for $175 million.

ChainCatcher news, according to CoinDesk, Bitcoin mining company Bitfarms has announced its agreement to acquire competitor Stronghold Digital (SDIG) for $175 million.

Bitfarms stated in a press release that the offer includes exchanging 2.52 shares of Bitfarms stock for each share of Stronghold, representing a 71% premium over Stronghold's 90-day volume-weighted average price on Nasdaq as of August 16. Stronghold indicated in May that it was exploring strategic alternatives, including the sale of the company.

Previous news, as reported by 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.