CleanSpark Acquires Bitcoin Miner GRIID for $155M Enterprise Value

Dow Jones06-27

By Michael Susin

CleanSpark on Thursday said it entered into an agreement to acquire the bitcoin miner GRIID Infrastructure in an all-stock deal for an enterprise value of $155 million.

As a result of the deal, the company said it expects to add over 400 megawatts in Tennessee over the next 2 years.

Along with the shares offered to GRIID stockholders, CleanSpark said it will also assume all outstanding debt and other obligations of GRIID under the merger.

It also provided GRIID with a $5 million working capital loan, and a pay-down bridge loan of around $50.9 million used to satisfy certain obligations.

The companies also entered into an exclusive hosting agreement for all currently available power, of which 20 megawatts will be allocated to CleanSpark effective immediately.

CleanSpark's current capacity now sits at over one gigawatt.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 27, 2024 09:24 ET (13:24 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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CleanSpark on Thursday said it entered into an agreement to acquire the bitcoin miner GRIID Infrastructure in an all-stock deal for an enterprise value of $155 million. \n\n\n  ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"09042","symbol_name":"华夏比特币-U","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2446530468","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2446530468","pubTimestamp":1719494640,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"CleanSpark on Thursday said it entered into an 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