CleanSpark, a sustainability-focused Bitcoin miner, announces a $155 million all-stock acquisition of GRIID Infrastructure.

The acquisition includes an exclusive hosting agreement for GRIID's power, with 20 MW immediately allocated to CleanSpark.

The merger aims to expand CleanSpark's operations in Tennessee, targeting over 400 MW by 2026.

Pending shareholder approval, the deal is set to close in the third quarter of 2024.

This move comes as the Bitcoin mining industry consolidates post-halving, with diversification efforts into altcoins and AI.

Following the announcement, CleanSpark's stock rose 2.2% to $16.44, while GRIID's stock price dropped by 49%.