Firm signs agreement to acquire Rockdale-based Whinstone

Riot Blockchain, Inc. announced April 8 it has signed an agreement that will acquire Whinstone US, Inc., including all of its assets and operations, for consideration of $80 million cash plus a fixed 11.8 million shares of Riot common stock which is valued at approximately $651 million based on Riot’s last closing price of $48.37 per share.

Whinstone is the owner and operator of North America’s largest Bitcoin hosting facility, with 300 megawatts in developed capacity and a long-term power purchase agreement diversifies Riot’s revenues and catapults Riot into a market-leading position in the Bitcoin mining and hosting business, according to a news release from the company.

Whinstone’s facility can be expanded by an additional 450 MW which will be foundational in Riot’s strategy to become an industry-leading Bitcoin mining platform, on a global scale. Upon the closing of this acquisition, Riot is expected to be the largest publicly traded Bitcoin mining and hosting company in North America, as measured by total developed capacity.