Bitfarms has revealed a strategic acquisition of its own after fending off Riot Platforms’ attempts to buy the company.

The Toronto-based bitcoin miner is set to acquire segment peer Stronghold Digital Mining in a stock-for-stock transaction worth about $125 million, the company said Wednesday. It will also assume roughly $50 million in debt, valuing the acquisition at roughly $175 million.

The “transformative” deal comes after three years of ongoing discussions with the New York-headquartered company, Bitfarms CEO noted in a statement. With Stronghold, the firm could add up to 307 megawatts of power capacity, helping it reach 950 MW by the end of 2025 — roughly half of that…

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