Canadian Bitcoin Miner POW.RE Acquires Swiss Firm Block Green
Canadian bitcoin mining company POW.RE Holdings Limited has announced its intention to acquire Swiss bitcoin liquidity protocol Block Green AG in a deal that includes shares, bitcoin and cash.
POW.RE and Block Green Team Up to Integrate Mining and Financial Services
The upcoming purchase, which is expected to be finalized within 90 days, aims to combine POW.RE’s sustainable mining operations with Block Green’s financial services for Bitcoin miners. Under the terms disclosed, POW.RE will acquire 100% of Block Green through a stock swap, with payments in Bitcoin (BTC) and U.S. dollars.
Block Green, which operates under Swiss law and is backed by investors such as Founders Fund and Coinbase Ventures, offers liquidity solutions including revenue streaming and hedging tools for miners. POW.RE operates hydroelectric power plants in Canada and Paraguay and specializes in hashrate management technology. The companies are expected to achieve synergies, including improved market access through Block Green’s mining partnerships.
This includes diversified revenue streams and an improved regulatory position thanks to Block Green’s Swiss license and pending approval from the European Union (EU). Following the completion of the transaction, POW.RE will allocate a 24-month base load of computing power to the Block Green marketplace. Block Green CEO Sebastien Hess will join the POW.RE board of directors, while the Block Green team will remain to ensure continuity.
The deal is subject to regulatory approval and closing conditions. POW.RE described the move as an expansion of bitcoin lending infrastructure, while Block Green emphasized the scalability benefits of its financial products. Financial terms associated with the deal were not disclosed by either party. Both companies plan to maintain their operations in Montreal and Rottray, Switzerland, after the deal closes.
Source: cryptonews.net
