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CleanSpark to Acquire Bitcoin Miner GRIID Infrastructure for $155 Million, Expanding 400 MW

Jun 27, 2024, 01:38 PM

CleanSpark Inc. has announced a definitive merger agreement to acquire GRIID Infrastructure for $155 million. The acquisition will be executed as an all-stock transaction, with GRIID stockholders receiving CleanSpark shares. CleanSpark will purchase all issued and outstanding common stock of GRIID. This deal includes the assumption of debt and aims to enhance CleanSpark's Bitcoin mining operations by expanding over 400 MW in Tennessee. The expansion plan anticipates adding 100 MW by the end of this year, growing to 200 MW by 2025 and 400 MW by 2026. Additionally, CleanSpark has entered into an exclusive hosting agreement for all currently available power.