CleanSpark acquires Bitcoin miner GRIID in $155 million deal
Quick Take
- Crypto miner CleanSpark purchased all of GRIID’s outstanding stock in a deal valued at $155 million.
- CleanSpark’s operational power is expected to reach 100 MW by the end of the year, with the goal of achieving 400 MW by 2026.
The crypto miner CleanSpark has entered an agreement to purchase GRIID Infrastructure, a Bitcoin mining firm.
CleanSpark will purchase all of GRIID's issued and outstanding stock in the deal for a total value of $155 million, according to a release from CleanSpark. The deal also means an "exclusive hosting agreement for all currently available power" resulting in CleanSpark obtaining 20 MW of production power.
CleanSpark CEO Zach Bradford said in a statement that the firm's Tennessee operations are expected to exceed 100 MW by the end of the year and has a target of 400 MW operational power by 2026.
"This acquisition would give us a clear and steady path over the next three years to accomplish in Tennessee what we proudly achieved in Georgia over the past three years," said Bradford in the release. "That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts."
Following the deal's close, GRIID stockholders will get CleanSpark common stock. CleanSpark will also assume GRIID's outstanding debt and other obligations in addition to providing a $5 million working capital loan and a $50.9 million pay-down bridge loan "used to satisfy certain obligations of GRIID at signing," the company release continues.
On June 18, CleanSpark purchased five Georgia-based bitcoin mining facilities for $25.8 million, The Block previously reported.
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