M&A · Financials · Finance Services
Bitfarms Ltd to acquire Stronghold Digital Mining, Inc.
Announced Aug 21, 2024 · Closed Mar 14, 2025
Deal value$125M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$5.95 per share
Transaction
- Acquirer
- Bitfarms Ltd (KEEL)
- Target
- Stronghold Digital Mining, Inc. (SDIG)
- Buyer type
- Strategic
- Offer price per share
- $5.95
- Enterprise value
- —
- Status
- Closed Mar 14, 2025
Deal protections
- Break fee (target pays)
- $5.0M · 4.0%
- Reverse fee (buyer pays)
- $12.5M · 10.0%
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Moelis
- To the target
- Cohen & Company Capital Markets
Sector context · Financials
- Comparable deals
- 57 in the prior 24 months
- Premium
- Sector median 33.5%
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 4.0% vs. 3.1% sector median
Timeline
- AnnouncedAug 21, 2024
- Proxy filedFeb 6, 2025
- Definitive proxyFeb 6, 2025
- Shareholder voteFeb 27, 2025
- ClosedMar 14, 2025
Valuation · fairness opinions
Trading comparables$2.16$6.90
Trading comparables$0.97$4.54
Discounted cash flow$7.28$10.20
Precedent transactions$1.16$6.17
Trading comparables$1.48$2.49
Offer $5.95
Implied value per Stronghold Digital Mining, Inc. share by analysis, from Cohen & Company Capital Markets.