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CleanSpark to Acquire GRIID in $155 Million Stock Deal

CleanSpark to Acquire GRIID in $155 Million Stock Deal
Zach Bradford, CEO of CleanSpark, expressed confidence in the merger's potential to scale the company’s operations.

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CleanSpark, a leading Bitcoin miner, has completed a merger with GRIID Infrastructure in a deal valued at $155 million. The merger involves CleanSpark acquiring all issued and outstanding common stock of GRIID through an all-stock agreement. CleanSpark will also take on all existing debts of GRIID and has entered into an exclusive hosting agreement that provides 20 megawatts of power to the merged entity. The merger is expected to significantly boost CleanSpark’s operational capacity, promising an addition of more than 400 MW of power over the next few years. The announcement was well-received in the financial markets, with CleanSpark’s stock rising 2.2% to $16.44 on the announcement day. The broader Bitcoin mining industry continues to evolve, with Marathon Digital enhancing its operational capacity by acquiring two mining sites from Generate Capital in December, and CleanSpark adding to its portfolio by acquiring five mining facilities in Georgia. This flurry of activity underscores a period of aggressive growth and strategic realignment within the Bitcoin mining industry.