2024

Analysts at H.C. Wainright are bullish on CleanSpark’s most recent acquisition, projecting upside potential to $27.
On Thursday, CleanSpark (<a href="https://finance.yahoo.com/quote/CLSK/" target="_blank" data-type="link" data-id="https://finance.yahoo.com/quote/CLSK/" rel="noopener noreferrer nofollow">CLSK</a>) <a href="https://crypto.news/cleanspark-acquiring-griid-infrastructure-in-155-million-all-stock-deal/" target="_blank" rel="noopener noreferrer nofollow">entered a definitive agreement</a> to acquire GRIID Infrastructure (<a href="https://finance.yahoo.com/quote/GRDI/" data-type="link" data-id="https://finance.yahoo.com/quote/GRDI/" target="_blank" rel="noopener noreferrer nofollow">GRDI</a>) in an all-stock deal valued at $155 million.&nbsp;
The final terms are still pending, but initial estimates by H.C. Wainright suggest CleanSpark might pay around $86 million, aligning with GRIID’s market cap as of June 27. This acquisition will require CleanSpark to issue 5.2 million shares, approximately 2.5% of its total shares, assuming a share price of $16.587.
Analysts at H.C. Wainright “expect the deal to significantly accelerate CleanSpark’s development of high quality and relatively low-cost power infrastructure in the coming years, as we reiterate our Buy rating.”&nbsp;
CleanSpark is taking on all of GRIID’s debt and <a href="https://crypto.news/cleanspark-to-double-hash-rate-with-new-mining-facility-acquisitions-ahead-of-bitcoin-halving/" target="_blank" rel="noopener noreferrer nofollow">other responsibilities</a>. To help GRIID during the transition, CleanSpark has given a $5 million working capital loan and a $50.9 million pay-down bridge loan. These loans are secured and have seniority over GRIID’s other debts.
CleanSpark is currently traded at $16.23 per share.
<h2 class="wp-block-heading" id="energy-acquisition-terms">Energy acquisition terms</h2>
Despite the higher-than-average <a href="https://crypto.news/tag/energy/" target="_blank" data-type="link" data-id="https://crypto.news/tag/energy/" rel="noopener noreferrer nofollow">cost per megawatt</a> (MW) of recent transactions, CleanSpark sees GRIID’s substantial energy pipeline in Tennessee as a strategic asset. The management anticipates adding over 400 MW of data center infrastructure in Tennessee within the next two and a half years, with plans to bring 100 MW online by the end of 2024 and 200 MW by 2025.&nbsp;
Combined with its existing 450 MW capacity and other expansion projects, CleanSpark is trying to achieve over 1 GW of total infrastructure capacity by 2026.
The acquisition, set to close in Q3 2024, is subject to GRIID shareholder approval and other conditions.&nbsp;

Analyst: CleanSpark’s acquisition of GRIID reiterates CLSK as a Buy

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