CleanSpark (CLSK) has completed its acquisition of GRIID Infrastructure following shareholder approval on October 28, 2024. The merger, which converts each GRIID share into approximately 0.06959 CLSK shares, positions CleanSpark to expand its Bitcoin mining capacity in Tennessee to over 400 MW. The strategic acquisition enhances geographic and power supply diversity through the Tennessee Valley Authority (TVA) service territory. GRIID's common stock and public warrants will be delisted from Nasdaq and Cboe Canada by October 31, 2024.
CleanSpark, a prominent Bitcoin miner, announced its June 2024 operational updates. The company mined 445 bitcoins, raising its total to 3,614 for 2024. Its hashrate exceeded the mid-year target, reaching over 20 EH/s, doubling since December. This achievement followed the acquisition of five mining sites in Georgia, adding 60 MW of infrastructure. The new sites include unique power purchase agreements, aiding utility providers. CleanSpark sold 8.06 bitcoins in June at an average price of $67,514 per bitcoin. The company also completed phases of its Dalton expansion, expected to reach 2.4 EH/s by September 2024.
CleanSpark and GRIID Infrastructure announced a definitive merger agreement, where CleanSpark will acquire GRIID for an enterprise value of $155 million. This all-stock transaction will involve CleanSpark assuming GRIID's outstanding debt and providing a $5 million working capital loan, along with a $50.9 million bridge loan.
The acquisition is expected to expand CleanSpark’s infrastructure by over 400 MW in Tennessee over the next two years, bringing its total capacity to over 1 GW. The merger, subject to GRIID shareholder approval and other closing conditions, is anticipated to close in Q3 2024. Additionally, an exclusive hosting agreement will allocate 20 MW of power to CleanSpark immediately.
GRIID operates bitcoin mining data centers in Tennessee and maintains facilities in New York, Ohio, and Texas. The transaction aims to leverage CleanSpark's capabilities to enhance GRIID's data center portfolio and power grid resilience.
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