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[SCHEDULE 13D/A] Greenidge Generation Holdings Inc. SEC Filing

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A
Rhea-AI Filing Summary

Atlas Capital-led group now controls roughly one-quarter of Greenidge Generation Holdings Inc. (NASDAQ: GREE) on an as-converted basis. Amendment No. 2 to Schedule 13D discloses that eight related reporting persons – principally Atlas Capital Resources funds, their general partners and managing partners Andrew M. Bursky and Timothy J. Fazio – collectively beneficially own 3,774,711 Class A shares, or 24.2 % of the class, assuming the voluntary conversion of 2,680,030 Class B shares they also hold.

Key changes since the January 2025 amendment stem from an Equity Interest Payment Agreement under which the issuer satisfied two interest payments to Atlas with equity rather than cash: 90,954 Class A shares on 8 Apr 2025 (valued at $119,205) and 131,937 Class A shares on 2 Jul 2025 (valued at $162,322). These 222,891 newly issued shares increased Atlas’ stake by about 1.75 % of the 12,765,741 Class A shares outstanding as of 30 Jun 2025. Atlas funds ACR9 and ACR Parallel remain the largest individual vehicles, holding 16.8 % and 6.0 % respectively.

Capital structure implications

  • Class B shares are fully convertible 1-for-1 into Class A, giving Atlas flexibility to crystallize voting or liquidity advantages.
  • Interest-for-equity payments conserve issuer cash but generate incremental dilution.
  • With 24 % ownership and coordinated voting/dispositive power, Atlas can meaningfully influence corporate actions, board composition and future financings, though it stops short of majority control.

No other share transactions were reported in the past 60 days, and the amendment contains no forward-looking commitments or standstill provisions. The filing is informational and does not itself trigger a change-of-control event.

Positive
  • Cash conservation: Paying interest with shares saves roughly $0.28 m in cash, easing short-term liquidity pressure.
  • Strategic shareholder support: Atlas’ larger stake may provide continued financing flexibility and potential alignment with management.
Negative
  • Dilution: Issuance of 222,891 new Class A shares increases the share count by ~1.75 %.
  • Concentrated control risk: Atlas now holds 24.2 % of voting power on an as-converted basis, heightening governance influence.
  • Signal of limited cash: Settling interest in equity instead of cash may indicate tight liquidity conditions.

Insights

TL;DR: Atlas raised its stake to 24 %; dilution minor, cash preserved, governance influence rises.

The additional 222.9k shares issued for interest add only ~1.8 % to the float, so near-term EPS impact is negligible. Greenidge benefits by conserving ~$0.28 m in cash at a time when liquidity is critical for crypto-miners facing volatile power and Bitcoin prices. However, paying interest in stock signals limited cash generation. Atlas’ cumulative position gives it effective blocking power on key matters requiring a simple majority, potentially easing future recapitalisation but also concentrating power in one sponsor.

TL;DR: One investor group now wields 24 % voting power; oversight risk shifts accordingly.

From a governance lens, Atlas’ aligned vehicles, plus two managing partners as individual filers, act in concert. While they disclaim beneficial ownership beyond direct holdings, their unified voting and dispositive power centralises influence. Investors should monitor board composition, related-party transactions and potential conflicts, especially if further debt is serviced with equity. Concentrated ownership can accelerate strategic decisions but may marginalise minority shareholders if protections are weak.






If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 1,920,265 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 699,050 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 689,512 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 251,008 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 70,253 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 25,575 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 2,680,030 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 1,094,681 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 2,680,030 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 1,094,681 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 2,680,030 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 1,094,681 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D




Comment for Type of Reporting Person:
(8), (10), (11) The reporting person expressly disclaims beneficial ownership with respect to any shares of Common Stock of the Issuer other than the Common Stock of the Issuer owned directly by such reporting person. (8), (10), (11) Represents 2,680,030 shares of the Issuer's Class B Common Stock, which are convertible at any time at the option of the holder into an equal number of shares of the Issuer's Class A Common Stock, and 1,094,681 shares of the Issuer's Class A Common Stock. (13) Based on 12,765,741 shares of Class A Common Stock outstanding as of June 30, 2025 according to information provided by the Issuer and assuming conversion of all of the 2,680,030 shares of Class B Common Stock beneficially owned by the Reporting Persons in the aggregate.


SCHEDULE 13D


Atlas Capital Resources (A9) LP
Signature:By: Atlas Capital Resources GP LP, its general partner, By: Atlas Capital Resources GP, LLC, its general partner, /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
Atlas Capital Resources (A9-Parallel) LP
Signature:By: Atlas Capital Resources GP LP, its general partner, By: Atlas Capital Resources GP, LLC, its general partner, /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
Atlas Capital Resources (P) LP
Signature:By: Atlas Capital Resources GP LP, its general partner, By: Atlas Capital Resources GP, LLC, its general partner, /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
GGH Bridge Investment LP
Signature:By: Atlas Capital Resources GP LP, its general partner, By: Atlas Capital Resources GP, LLC, its general partner, /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
Atlas Capital GP LP
Signature:By: Atlas Capital Resources GP, LLC, its general partner, /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
Atlas Capital Resources GP LLC
Signature:By: /s/ Timothy J. Fazio
Name/Title:Managing Partner
Date:07/07/2025
Andrew M. Bursky
Signature:/s/ Andrew M. Bursky
Name/Title:Andrew M. Bursky
Date:07/07/2025
Timothy J. Fazio
Signature:/s/ Timothy J. Fazio
Name/Title:Timothy J. Fazio
Date:07/07/2025

FAQ

How much of Greenidge Generation (GREE) does Atlas Capital now own?

Atlas and affiliated entities beneficially own 3,774,711 Class A shares, or 24.2 % of the outstanding Class A stock on an as-converted basis.

Why were new GREE shares issued to Atlas in July 2025?

Under an Equity Interest Payment Agreement, the company satisfied $162,322 of interest with 131,937 Class A shares on 2 Jul 2025.

What is the total dilution from interest-for-equity payments to Atlas?

Greenidge issued 222,891 Class A shares in April and July 2025, representing about 1.75 % of the 12.77 m shares outstanding.

Can Atlas convert its Class B shares into Class A shares?

Yes. The 2,680,030 Class B shares are convertible into an equal number of Class A shares at any time, 1-for-1.

Did Atlas report any other GREE share transactions in the last 60 days?

No. Except for the two interest-related issuances, the filing states no other transactions within the past 60 days.
Greenidge Generation Holdings Inc

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