Bitfarms Stock Dips On Bitcoin’s Weakness Despite Stronghold Acquisition– But Retail Sentiment Improves

Bitfarms CEO Ben Gagnon said the acquisition strengthens the company’s presence in the U.S. market, particularly in the PJM region.

Bitfarms (BITF) shares edged lower Monday, slipping nearly 1% even after the company announced it had completed its acquisition of Stronghold Digital Mining. 

The decline came as Bitcoin (BTC) remained under pressure, trading below $83,000.

Other Bitcoin mining stocks saw steeper losses, with Marathon Holdings (MARA) and Cleanspark (CLSK) shares down more than 3%, while Riot Platforms (RIOT) stock fell over 2%.

The acquisition gives Bitfarms control of Stronghold’s 1.1-gigawatt growth pipeline across three sites in Pennsylvania, expanding its footprint in the PJM energy market. 

Under the agreement, Stronghold shareholders received 2.52 Bitfarms shares for each Stronghold share. Stronghold will cease to exist as an independent, publicly traded company and become a wholly-owned subsidiary of Bitfarms. 

The deal boosts Bitfarms’ energy portfolio to 623 megawatts (MW) under management, adding 165 MW of active generating capacity and 142 MW of immediately available import capacity.

Bitfarms CEO Ben Gagnon said the acquisition strengthens the company’s presence in the U.S. market, particularly in the PJM region. The move aligns with Bitfarms’ broader strategy of expanding its American footprint and scaling its high-performance computing (HPC) and AI operations.

As part of this strategic shift, the company recently sold its site in Yguazu, Paraguay, to Hive Digital (HIVE) for $85 million.

“With Stronghold’s portfolio of power assets, combined with our operational expertise and balance sheet strength, we are well positioned to create long-term value for our shareholders by executing our US strategy and developing an HPC/AI business geared for scale,” said Gagnon.

The move comes after Bitfarms fended off a takeover bid from Riot, which reportedly made an unsolicited $950 million offer for the company.

On Stocktwits, retail sentiment around Bitfarms improved to ‘neutral’ from ‘bearish’ a day ago, while chatter remained subdued. 

Some investors urged the company to announce a hyperscaler partnership, a long-standing item on shareholders’ wish lists.

Others questioned whether acquiring shares of other miners at discounted valuations might be a better strategy.

Bitfarms stock has fallen nearly 30% in 2025.

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