Sidley is representing Riot Blockchain, Inc. (NASDAQ: RIOT) in its acquisition of Whinstone US, which operates the largest Bitcoin mining hosting facility in North America. The transaction is valued at US$651 million, with the consideration payable in a mix of cash and Riot common stock.
Riot views Whinstone as a foundational element in its strategy to become an industry-leading Bitcoin mining platform on a global scale. The transaction is expected to close during the second quarter of 2021, subject to the satisfaction or waiver of customary closing conditions, including receipt of required regulatory clearances.
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