CleanSpark Finalizes Acquisition of GRIID Infrastructure, Expands Bitcoin Mining Capacity

CleanSpark, Inc. has completed its acquisition of GRIID Infrastructure Inc., boosting its Bitcoin mining capacity and expanding its operations in Tennessee.

CleanSpark Completes GRIID Acquisition, Expanding Bitcoin Mining Capacity in Tennessee

CleanSpark, Inc. (Nasdaq: CLSK) has announced the completion of its acquisition of GRIID Infrastructure Inc. (Nasdaq: GRDI), a leading Bitcoin mining company with operations in Tennessee. This acquisition significantly expands CleanSpark's Bitcoin mining capacity and footprint in the state.

The acquisition was approved by GRIID's stockholders at a special meeting on October 28, 2024, and closed on October 30, 2024. CleanSpark will now expand its Bitcoin mining capacity to over 400 megawatts (MW) in Tennessee, increasing its geographic and power supply diversity with this strategic move. CleanSpark's data centers in Tennessee are powered by the Tennessee Valley Authority (TVA), and this acquisition will enhance CleanSpark's operational flexibility within TVA's service territory.

"We are excited to integrate GRIID's team and assets into CleanSpark, and we want to thank everyone involved for their hard work in ensuring a smooth and efficient transition,” said Zach Bradford, CleanSpark's CEO. “This acquisition marks a new chapter in CleanSpark's growth and positions us strongly for the future of Bitcoin mining in the United States."

The acquisition was welcomed by local and national leaders. U.S. Senator Bill Hagerty expressed his support for CleanSpark's expansion in Tennessee, which has become a hub for America's Bitcoin industry thanks to a competitive workforce and reliable power from TVA.

"This is an exciting time for Bitcoin in Tennessee, and I welcome CleanSpark's expansion in our state,” said Hagerty. “Tennessee offers a unique combination of assets for the Bitcoin industry, and I will continue working with CleanSpark and other companies in this space to support their growth and innovation in Tennessee."

"We are pleased to announce the closing of this transaction, which we believe will create a positive outcome for our GRIID shareholders, employees and counterparties, and ultimately positions CleanSpark to maximize the value of GRIID's power pipeline,” said Trey Kelly, former CEO of GRIID.

The merger agreement, initially announced on June 27, 2024, involved the conversion of each outstanding share of GRIID common stock into 0.10 shares of CleanSpark common stock at closing, subject to adjustment. CleanSpark common stock began trading on Nasdaq on October 31, 2024, under the symbol "CLSK."

Following the transaction's completion, GRIID requested the suspension of its common stock and public warrants from trading on Nasdaq, and delisting from Cboe Canada by the end of October 31, 2024.

Cozen O'Connor P.C. acted as legal counsel for CleanSpark in the transaction, while Troutman Pepper Hamilton Sanders LLP served as legal counsel for GRIID.

CleanSpark is a leading sustainable Bitcoin mining company that operates data centers powered by low-carbon energy. CleanSpark applies its advanced technology to responsibly mine Bitcoin, contributing to financial independence and inclusion.