Bitcoin Miner Stronghold Looking at Options, Including Sale of Company
Summary
Bitcoin mining company Stronghold Digital Mining is considering strategic alternatives, including a potential sale of the company or its assets. The decision comes amid a "valuation dislocation" of the company's stock compared to other mining companies. Stronghold, which converts coal waste into energy for bitcoin mining, has seen its stock fall 62% this year. The company has hired Cohen and Company Capital Markets as financial advisors for the review process, but has not set a specific timeline for its completion. The announcement led to a nearly 7% rise in pre-market trading. The move comes as the mining industry sees an increase in mergers and acquisitions due to increased competition following the halving of mining rewards.
