- The outstanding shares of GRIID were acquired by cryptocurrency miner CleanSpark for a total consideration of $155 million.
- CleanSpark aims to have 100 MW of operational power by the end of the year and 400 MW by 2026.
A deal has been reached for the Bitcoin mining company GRIID Infrastructure to be acquired by cryptocurrency miner CleanSpark.
As per the release from CleanSpark, the agreement will see CleanSpark pay $155 million for all of GRIID’s issued and outstanding stock. As a result of the arrangement, CleanSpark will also receive exclusive hosting rights for all electricity that is currently accessible, amounting to 20 MW of producing power.
CleanSpark CEO Zach Bradford said in a statement that the business expects its Tennessee operations to reach 100 MW by year-end and that it wants to reach 400 MW of operational electricity by 2026.
With this acquisition, we would have a clear and steady path over the next three years to accomplish in Tennessee what we have proudly achieved in Georgia over the past three years, Bradford stated in the news release. Building more than 400 MW of infrastructure through expensive, long-term power contracts was that accomplishment.
CleanSpark common stock will be distributed to GRIID stockholders after the transaction closes. Along with providing a $5 million working capital loan and a $50.9 million pay-down bridging loan used to satisfy certain obligations of GRIID upon signing, CleanSpark will also assume GRIID’s outstanding debt and other obligations, the company announcement says.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
