Greenidge, a vertically integrated cryptocurrency datacenter and power generation firm, has announced the launch of a new self-mined Bitcoin retention strategy aimed at increasing its Bitcoin holdings and driving company growth. This strategy builds on recent achievements in cost reduction and positions Greenidge for long-term expansion across its business lines.
By utilizing its own power generation and newly established Bitcoin mining sites, Greenidge has significantly reduced the direct costs associated with Bitcoin mining. This new approach will balance the company’s liquidity with additional revenue from hosting services and electricity sales.
Greenidge CEO Jordan Kovler stated, “As we expand our mining operations nationwide, retaining a larger share of the Bitcoin we mine aligns with our strategy and belief in both Bitcoin and Greenidge’s future growth. With 122 MW of power capacity and around 8,000 miners across four active sites, we are positioned to mine Bitcoin more cost-effectively than most companies.”
Kovler added, “We are enthusiastic about expanding our operational footprint and exploring low-cost power opportunities. We will assess each site for its potential as either a Bitcoin mining operation or an AI/HPC datacenter to benefit our shareholders in both the short and long term.”
To support this growth, Greenidge has secured a $20 million common stock purchase agreement with B. Riley Principal Capital II, LLC. Under this agreement, B. Riley will purchase up to $20 million of Greenidge’s Class A common stock, with the per-share price based on market conditions. Greenidge has the discretion to decide the timing and amount of stock sales under this agreement.
Christian Mulvihill, CFO of Greenidge, noted, “Financial flexibility is crucial for our expansion as we scale operations and pursue new growth opportunities, including those from our Bitcoin retention strategy. This equity facility from B. Riley is expected to accelerate Greenidge’s growth and enhance shareholder value.”
The shares issued under this agreement will not be registered under the Securities Act of 1933 and will rely on an exemption from registration requirements. This press release does not constitute an offer or solicitation to sell or buy securities in any jurisdiction where such actions would be unlawful.
For further details, refer to Greenidge’s Form 8-K filed with the Securities and Exchange Commission.
