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  • CleanSpark acquires Bitcoin miner GRIID for $155 million

    CleanSpark acquires Bitcoin miner GRIID for $155 million

    • CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
    • The company expects the all-stock deal to close in Q3, 2024 subject to GRIID shareholder approval and other customary requirements.

    Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.

    According to a press release the merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will immediately be allocated to CleanSpark.

    “We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford said in a statement.

    CleanSpark eyes 400 MW by 2026

    CleanSpark, which has closed other deals before, expects to build out its operations in Tennessee over the next three years. This should see the miner reach operational capacity it managed in Georgia over the same period.

    “That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford noted.

    The miner targets surpassing 100 MW in Tennessee by the end of this year, 200 MW in 2025 and over 400 MW in 2026.

    Deal expected to close in Q3

    Per the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from the Boards of Directors of both companies.

    As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.

    CleanSpark’s acquisition of GRIID comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, Riot has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.

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  • Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    Bitcoin miner GRIID makes NASDAQ debut after SPAC merger

    • GRIID begins trading on NASDAQ post-SPAC merger, enhancing market presence.
    • NASDAQ debut follows a successful merger with Adit EdTech Acquisition Corp.
    • GRIID’s listing underscores the growing integration of cryptocurrency firms into traditional markets.

    GRIID, a US-based Bitcoin mining company, has officially commenced trading on the NASDAQ Global Market, heralding a new chapter in its journey. Known for its vertically integrated mining facilities leveraging sustainable energy, GRIID’s foray into the NASDAQ marks a notable milestone in the cryptocurrency sector’s intersection with traditional financial markets.

    The move signifies a pivotal moment for GRIID, emphasizing its strategic expansion and commitment to delivering value to shareholders.

    GRIID’s SPAC merger

    GRIID’s NASDAQ listing comes on the heels of a successful merger with Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC). This strategic move underscores GRIID’s dedication to fortifying its market position and enhancing shareholder value. With the completion of the merger on January 2nd, GRIID swiftly transitioned to public trading, showcasing its agility in capitalizing on market opportunities.

    As GRIID joins the ranks of publicly traded Bitcoin miners on NASDAQ, including industry giants like Coinbase Global and Marathon Digital, the cryptocurrency ecosystem continues to integrate into mainstream finance. GRIID’s presence on NASDAQ not only bolsters its visibility and liquidity but also underscores the growing investor interest in cryptocurrency-related ventures.

    GRIID’s NASDAQ debut marks a significant milestone for the company and the broader cryptocurrency industry. With its innovative approach to Bitcoin mining and strategic market moves, GRIID is poised to make waves in the financial landscape, further bridging the gap between traditional finance and the burgeoning world of digital assets.

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