Gryphon Digital Mining, a mining company focused entirely on renewable energy, will go public via a reverse merger with data management provider Sphere 3D.
Gryphon Digital Mining @GryphonMining, our 100% renewable, ESG-committed #Bitcoin miner, reached a merger agreement to go public on the @Nasdaq! Proud to lead the charge in building sustainable digital asset infrastructure for the future of this industry! https://t.co/UdAjUxE0p5— ₿rittany Kaiser #OwnYourData (@OwnYourDataNow) June 3, 2021
Under the terms of the deal, Sphere 3D will issue 111m shares to the mining company's shareholders. They will receive a 77% stake in the combined firm, which will take the name of the buyer, Gryphon Digital Mining. It was valued at $184.3 million, based on the closing price of $1.66 shares of Sphere 3D as of June 3.
The transaction is expected to close in the third quarter after receiving shareholder and regulatory approval.
As a reminder, mining company Greenidge Generation will completely neutralise the carbon footprint of bitcoin mining by buying CO2 credits from 1 June.
In May, Marathon Digital Holdings announced the construction of a 300MW data centre in Texas. The new facility is planned to be 70% carbon neutral.
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