Bitcoin miner CleanSpark announced its plans to merge with Griid Infrastructure, acquiring all common shares of the company in a deal valued at $155 million. As part of this merger, CleanSpark will gain access to 20 megawatts (MW) of Griid’s available power, significantly increasing its operational capacity. The company forecasts that this acquisition could increase its capacity by over 400 MW in the next two years.
CleanSpark’s CEO, Zach Bradford, emphasized the strategic advantages of the acquisition, noting that Griid’s energy infrastructure in Tennessee complements CleanSpark’s existing operations in Georgia and Mississippi. In Georgia, CleanSpark has developed over 400 MW of energy capacity through long-term power supply contracts. Additionally, the company is expanding its reach by developing new facilities in Wyoming.
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The reasons that may have prompted the SEC to reject the Solana ETF spot proposal are as follows:
Following the announcement of the merger, the share price of Griid Infrastructure sharply declined, dropping by 49% to $1.20 per share. Despite this drop, however, the shares have increased by 55% over the past month, indicating optimism for their future prospects. CleanSpark’s shares did not show a significant change following the announcement of the deal, achieving a slight increase of 0.44%, trading at a price of $16.15 per share.
