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

目录

crypto.news

发布于 2024年6月28日的其他文章

Bitcoin, Ethereum investors suffer as bearish sentiment takes hold

Bitget to Launch Social Campaign in Vietnam to Warn About Crypto Scams and Risks

Massive Altcoin Season Approaching: How to Prepare for the Bull Run?

Hong Kong’s Securities Regulator Flags Three Crypto Firms For Fraud

Aptos Foundation and Alibaba Cloud Partner to Boost Japan's Web3 Ecosystem

Bitcoin To $100K, Ethereum To $7K By The November Election, Says Crypto VC

订阅我们免费的电子期刊，获取每日最新加密领域动态！