Akerna Corp. & Gryphon Digital Mining Merge, Bitcoin Prices Rising to New Highs
Bitcoin prices have been on the rise since the beginning of 2021 and investors are optimistic that the bottom has finally been reached. On January 27th, 2023, Akerna Corp. (NASDAQ: KERN) announced an all-stock merger with Gryphon Digital Mining, Inc., a leading net carbon neutral bitcoin miner, in a move that will create a leading, ESG-committed, carbon-neutral bitcoin miner.[0] This transaction is expected to provide Akerna shareholders with access to the bitcoin mining industry with one of its premier operators.[1]
As of the present moment, the value of Bitcoin is approximately $22,900, showing an increase of 9% in the past seven days[2] According to professional crypto analyst Marcus Kruger, the rally in Bitcoin (BTC) price is expected to reach a new high of $32,000 before retracing to the $28,000 price zone.[3]
At the same time, Akerna has entered into two separate definitive agreements – a Securities Purchase Agreement for the sale of Akerna’s MJ Freeway and Ample Organics business units to POSaBIT for $4 million in cash, and an Agreement and Plan of Merger, pursuant to which Gryphon will become a wholly-owned subsidiary of Akerna in an all-stock transaction. Assuming the proposed merger is completed, the current Gryphon equityholders would own approximately 92.5% of the newly combined company and the current Akerna equityholders would own approximately 7.5%, based on the number of Akerna shares to be issued in the merger.
The merger between Akerna and Gryphon is also a sign of institutional adoption, as evidenced by the consistently high premiums for perpetual futures and the willingness of investors to overpay to get exposure. In addition, the transaction will provide POSaBIT with an opportunity to combine complementary offerings to scale its business and expand its footprint with established platforms, ultimately providing a comprehensive retail solution for cannabis operators.[1]
0. “Akerna merges with Gryphon Digital Mining and implements Bitcoin …” mugglehead.com, 28 Jan. 2023, https://mugglehead.com/akerna-merges-with-gryphon-digital-mining-and-implements-bitcoin-mining/
1. “Akerna Corp. Announces Merger with Gryphon Digital Mining and …” mgmagazine.com, 28 Jan. 2023, https://mgmagazine.com/press-releases/akerna-corp-announces-merger-with-gryphon-digital-mining-and-sale-of-software-business-to-posabit/
2. “Bitcoin Investors Turn Greedy For First Time Since March 2022 …” www.bitcoininsider.org, 28 Jan. 2023, https://www.bitcoininsider.org/article/202922/bitcoin-investors-turn-greedy-first-time-march-2022
3. “Economist Alex Kruger States Why Bitcoin (BTC) Surging by Over 40 …” timestabloid.com, 28 Jan. 2023, https://timestabloid.com/economist-alex-kruger-states-why-bitcoin-btc-surging-by-over-40-from-23k-is-feasible/
