Bitcoin miner CleanSpark announced its plans to merge with Griid Infrastructure, acquiring all of the company’s common shares in a deal valued at $155 million.
As part of this merger, CleanSpark will gain access to 20 megawatts (MW) of Griid’s available capacity, significantly increasing its operational capabilities. The company forecasts that this acquisition could expand its capacity by over 400 MW over the next two years.
CleanSpark CEO Zach Bradford emphasized the strategic advantages of the acquisition, noting that Griid’s energy infrastructure in Tennessee complements CleanSpark’s existing operations in Georgia and Mississippi.
In Georgia, CleanSpark has developed over 400 MW of energy capacity through long-term power purchase agreements. Additionally, the company is expanding its footprint by developing new facilities in Wyoming.
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Following the merger announcement, Griid Infrastructure’s stock price sharply declined by 49% to $1.20 per share. Despite this drop, the stock has risen by 55% over the past month, indicating optimism about its future prospects. CleanSpark’s shares saw little change after the announcement, experiencing a slight increase of 0.44% to trade at $16.15 per share.
