Bitcoin mining giant CleanSpark (CLSK) announced that it has acquired smaller rival GRIID Infrastructure in an all-stock deal. 😮 The $155 million deal immediately provided 20 megawatts (MW) of additional power to power CleanSpark's mining operations. 🚀 An additional 400 MW of power is expected in Tennessee within two years.

The agreement required CleanSpark to assume all debts and other liabilities from GRIID. Additionally, CleanSpark was required to provide a $5 million working capital loan to GRIID and pay off a $50.9 million bridge loan to cover other obligations.

Following the announcement, GRIID shares fell more than 50% while CLSK shares rose 4%, suggesting traders view the merger deal as a fire sale. 😅

So what do you think? Will this acquisition further strengthen CleanSpark's mining operations? We are waiting your comments! 👇👇👇