Bitcoin Miner CleanSpark to Buy Peer GRIID in $155M Deal
Summary
CleanSpark has agreed to acquire GRIID Infrastructure in an all-stock deal valued at $155M. The purchase includes CleanSpark assuming all of GRIID's debt and other obligations, and providing a $5 million loan as a pay-down bridge loan of approximately $50.9 million. Following the announcement, GRIID's shares fell by over 50%, while CleanSpark's rose by nearly 4%. The deal is expected to close in the third quarter. CleanSpark plans to exceed 100MW capacity in Tennessee by year-end, grow that to 200MW next year, and more than 400MW in 2026. The companies have also entered a hosting agreement where 20MW worth of power capacity will be allocated to CleanSpark. GRIID, founded in 2018, has mining facilities in New York and Tennessee.
