CleanSpark Completes Acquisition of GRIID Infrastructure

CleanSpark, a prominent player in America's bitcoin mining industry, has successfully completed the acquisition of GRIID Infrastructure Inc. following shareholder approval. This strategic acquisition will bolster CleanSpark's mining capacity in Tennessee, targeting over 400 MW through the Tennessee Valley Authority's service territory. The acquisition facilitates not only greater geographic diversity but also enhances power supply options and operational flexibility. The merger blends GRIID’s capabilities and workforce with CleanSpark’s existing operations, promoting a seamless integration process. Key legal advisors Cozen O'Connor P.C. and Troutman Pepper Hamilton Sanders LLP facilitated the legal aspects of the deal. The merger agreement finalized GRIID’s integration into CleanSpark as of October 30, with GRIID's stocks being converted to CleanSpark's shares. With this acquisition, CleanSpark has further solidified its position in the expanding Bitcoin mining sector. The announcement was met with enthusiasm by CleanSpark and GRIID executives as well as U.S. Senator Bill Hagerty, highlighting Tennessee's growing reputation as a hub for Bitcoin mining.