Stronghold Digital Mining announced it is considering a sale or other strategic alternatives aimed at maximizing shareholder value. The announcement came alongside the company’s disclosure of its robust first-quarter financial and operational results on May 2.
As part of its strategic review, Stronghold, with the guidance of Cohen and Company Capital Markets and legal advice from Vinson & Elkins LLP, is exploring various options.
These include the potential sale of all or parts of its business or other strategic transactions involving its assets. The review comes at a time when the company observes a valuation discrepancy compared to its peers in the Bitcoin mining, merchant power, and data center sectors.
However, the plan is not definite, and there is no deadline or timetable. Stronghold does not intend to make another announcement unless the board approves a transaction, until it does so, or unless it decides a disclosure is necessary.
Rising revenue
Stronghold reported $27.5
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