Bitfarms acquisition of Stronghold ‘transformational,’ says H.C. Wainwright

H.C. Wainwright says Bitfarms (BITF) paid a fair price for Stronghold Digital Mining (SDIG) since it is a “transformational” acquisition for the company. The deal demonstrates management’s commitment to not only scaling the company’s bitcoin mining operations but also accelerates Bitfarms’ recently announced plans to diversify into synergistic businesses, such as power generation and energy trading, the analyst tells investors in a research note. The firm continues to believe the Street is significantly undervaluing Bitfarms’ “transformational fleet upgrade, and compelling organic growth plans through 2025.” It reiterates a Buy rating on the shares with a $4 price target.