CleanSpark, Inc. announced the completed acquisition of GRIID Infrastructure Inc. on October 30, 2024, following approval by GRIID shareholders. This strategic move is expected to significantly grow CleanSpark's Bitcoin mining capacity in Tennessee, with plans to build to over 400 MW in the coming years.
The acquisition adds substantial geographic and power supply diversity through expansion in the Tennessee Valley Authority (TVA) service territory, providing CleanSpark with additional operational flexibility. GRIID's existing 50 MW of hosted mining capacity for CleanSpark will be integrated, along with new development in TVA.
Under the merger agreement, each share of GRIID common stock was converted into approximately 0.06959 of a share of CleanSpark common stock. Following the closing, GRIID's common stock and public warrants were delisted from Nasdaq and Cboe Canada, marking a full integration into CleanSpark's operations.
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