According to PANews, Bitfarms has announced its agreement to acquire rival Stronghold Digital (SDIG) for $175 million in stock and assumed debt. Bitfarms stated that the offer includes exchanging each Stronghold share for 2.52 shares of Bitfarms, representing a 71% premium over Stronghold's 90-day volume-weighted average price on Nasdaq as of August 16. In May, Stronghold had indicated it was exploring strategic alternatives, including the potential sale of the company.

Earlier today, Bloomberg reported, citing sources, that Bitfarms was in discussions to acquire Stronghold for $164 million.