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

Based on the current price of Sphere's shares, the merger is valued at $184.3 million.

Jun 3, 2021 at 7:00 p.m. UTC
Updated Sep 14, 2021 at 1:06 p.m. UTC

Gryphon Digital Mining, a privately held company focused on mining bitcoin 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.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.