Green-focused Gryphon Digital Mining to go public via reverse merger

Gryphon Digital Mining, a mining company fully oriented toward renewable energy, will go public through 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 111 million shares to the mining company’s shareholders. They will receive a 77% stake in the combined company, which will take on the buyer’s name — Gryphon Digital Mining. Its valuation is estimated at $184.3 million, based on Sphere 3D’s closing price of $1.66 per share as of June 3.

Closing is expected in the third quarter, after shareholder and regulatory approvals.

Since June 1, Greenidge Generation has fully neutralised the carbon footprint from Bitcoin mining by purchasing CO2 emission credits.

In May, Marathon Digital Holdings announced the construction of a data center in Texas with a capacity of 300 MW. The new facility is planned to be 70% carbon-neutral.

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