Bitcoin mining company CleanSpark announced plans to merge with Grid Infrastructure in a transaction valued at $15.5 billion, acquiring all outstanding common shares 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 expects the acquisition to increase its capacity by over 400 MW within the next two years.
CleanSpark CEO Zach Bradford emphasized the strategic benefits of the acquisition, noting that Grid’s energy infrastructure in Tennessee complements 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 is also expanding its footprint 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 has risen by 55% in the past month, indicating optimism about its future prospects. CleanSpark’s stock price showed little change post-announcement, inching up by 0.44% to $16.15 per share.
