Stronghold (NASDAQ: SDIG) has announced (i) the extinguishment of the final approximately $2.1 million of the total of approximately $67 million of principal amount of debt outstanding with NYDIG ABL LLC (“NYDIG”) and The Provident Bank (“BankProv”) and (ii) the closing of its previously announced WhiteHawk restructuring and credit facility that resulted in $23 million of additional borrowing capacity. According to the update, the company believes these moves are important steps in Stronghold’s plan to improve profitability and liquidity and to reduce leverage despite low Bitcoin prices. “We are executing on the strategy we outlined during our second quarter earnings announcement in August – to rapidly deliver our balance sheet and enhance liquidity, and we are actively pursuing acquisitions of Bitcoin miners at attractive prices to take advantage of the current distressed market while continuing to carefully manage liquidity,” said Greg Beard, co-chairman and chief executive officer of Stronghold. “We look forward to rebuilding our miner fleet opportunistically and will continue to seek out ways to accretively leverage our vertical integration and improve financial flexibility in what remains a dynamic, challenging market.”
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About Stronghold Digital Mining Inc.
Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania. For more information about the company, visit www.StrongholdDigitalMining.com.
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