Bitcoin miner CleanSpark announced plans to merge with Grid Infrastructure in a $15.5 billion transaction, acquiring all common stock of the company.
As part of the merger, CleanSpark will gain access to Grid’s 20 megawatts (MW) of available capacity, significantly enhancing its operational capabilities. The company anticipates the acquisition to increase capacity by over 400 MW within the next two years.
CleanSpark CEO Zach Bradford emphasized the strategic benefits of the acquisition, highlighting Grid’s energy infrastructure in Tennessee complementing CleanSpark’s existing operations in Georgia and Mississippi. In Georgia, CleanSpark has developed over 400 MW of power capacity through long-term supply contracts. The company also expands its business scope with new facilities in Wyoming.
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Following the merger announcement, Grid Infrastructure’s stock price plummeted by 49% to $1.20 per share. However, despite the decline, the stock had risen by 55% over the past month, indicating optimism about its future prospects. CleanSpark’s stock price saw minimal change post-announcement, inching up by 0.44% to $16.15 per share.
