Bitcoin miner CleanSpark announced its plan to merge with Griid Infrastructure, acquiring all of the mining firm's common shares in a deal worth $155 million.
Bitcoin miner CleanSpark announced its plan to merge with Griid Infrastructure, acquiring all of the mining firm's common shares in a deal worth $155 million. As part of the merger agreement, CleanSpark will gain access to 20 megawatts (MW) of Griid’s currently available power, which is expected to significantly boost CleanSpark’s operational capacity. The company estimates that this deal could increase its power capacity by over 400 MW within the next two years.
CleanSpark CEO Zach Bradford highlighted the strategic benefits of the acquisition, noting that Griid’s energy infrastructure in Tennessee complements CleanSpark’s existing operations in Georgia and Mississippi. “This acquisition would give us a clear and steady path over the next three years,” Bradford stated, expressing confidence in the merger's long-term benefits.
In Georgia, CleanSpark has developed over 400 MW of power capacity backed by valuable, long-term power contracts. The company also operates power infrastructure in Mississippi and co-locates mining machines in New York. Further expanding its footprint, CleanSpark has announced the development of additional mining facilities in Wyoming.
Following the announcement, Griid Infrastructure's stock price plummeted, dropping 49% to $1.20 per share. Despite this sharp decline, shares in the Cincinnati-based mining firm have rallied 55% over the past month, reflecting optimism about its future prospects. CleanSpark’s stock showed little change following the announcement, with a slight increase of 0.44%, trading at $16.15 per share.
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