Stronghold Digital Mining, Inc.: management transactions · United States · SEC (Form 4)

About Stronghold Digital Mining, Inc.

Stronghold Digital Mining, Inc. (ticker: SDIG) was a U.S.-listed company on the NASDAQ market in the United States, positioned at the intersection of Bitcoin mining and power generation. Founded in 2021, Stronghold built a differentiated industrial model around energy-intensive crypto mining, with its corporate headquarters reported in New York and its operating footprint historically concentrated in Pennsylvania. The company became known for owning and operating real-world energy assets rather than relying solely on hosted or outsourced mining capacity. Stronghold’s business model was organized around two core operating segments: Energy Operations and Cryptocurrency Operations. On the energy side, the company operated power plants fueled by coal refuse, a waste product from legacy coal mining, which Stronghold presented as a lower-cost and environmentally beneficial form of generation relative to conventional alternatives. On the crypto side, the company used that power to run Bitcoin mining equipment, monetizing electricity through self-mining and, at times, power sales. This vertically integrated structure gave Stronghold a distinct profile within the digital asset sector: part power producer, part Bitcoin miner, and part infrastructure operator. In competitive terms, Stronghold’s key differentiator was the ownership of generating assets and the ability to convert low-cost power into digital asset output. That model could be attractive when Bitcoin prices and mining economics were supportive, but it also carried meaningful risk. The business was exposed to volatility in Bitcoin prices, changes in network difficulty, energy-market swings, plant maintenance requirements, environmental and permitting considerations, and the need for continuous capital investment in mining fleets and power infrastructure. Compared with pure-play miners, Stronghold was more asset-intensive and more operationally complex. Recent history has been dominated by corporate action. In 2024, Stronghold continued to issue operational updates on Bitcoin mining and energy production, while highlighting the optionality of its power assets and the strategic value of its Pennsylvania sites. The major milestone arrived in March 2025, when Bitfarms announced the completion of its acquisition of Stronghold Digital Mining. As a result, SDIG no longer operates as an independent publicly traded company, and the most recent SEC Form 4 activity is best understood in the context of merger-related ownership changes, executive transitions, and transaction clean-up rather than ongoing standalone growth. For investors analyzing the name historically, Stronghold represents a classic U.S. special situation in the crypto-infrastructure space: a NASDAQ-listed, United States-based company that combined energy generation and Bitcoin mining, ultimately absorbed through a strategic acquisition in 2025.