Gryphon Digital Mining to Become Publicly Traded on Nasdaq Via Merger With Sphere 3D

Gryphon Digital Mining, a privately held company focused on mining bitcoin (BTC, -0.95%) using 100% renewable energy, is going public through a reverse merger with Nasdaq-listed Sphere 3D, a data management company.

  • Under terms of the deal, Sphere said it will issue 111 million shares to Gryphon shareholders, who will control 77% of the combined company. Sphere holders will own the remaining 23%.
  • In recent trading, shares of Sphere are down 6.32% to $1.66 a piece. Based on the current price, the merger is valued at $184.3 million.
  • Gryphon CEO Rob Chang, who previously served as CFO of bitcoin miner Riot Blockchain, will be CEO of the combined company, which will take the Gryphon name.
  • Closing of the deal, which needs shareholder and regulatory approval, is slated for Q3.

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