CleanSpark has acquired GRIID in an all-stock transaction. The deal is expected to add more than 400 megawatts to the company’s power grid over two years.
Bitcoin miner CleanSpark has announced a merger with GRIID Infrastructure in a $155 million transaction.
According to an announcement on June 27, CleanSpark acquired all the issued and outstanding common stock of GRIID in an all-stock transaction. Under the deal, CleanSpark will assume all of GRIID’s debts. It also entails inits an exclusive hosting agreement, allocating 20 megawatts of power to CleanSpark.
In addition, CleanSpark has provided a $5 million working capital loan to GRIID, along with $50.9 million to settle immediate obligations. The deal is expected to add more than 400 megawatts of power to CleanSpark over the next few years.
