Bitcoin mining company Gryphon spent $18.7 million to acquire industrial land for natural gas in Canada

The Bitcoin mining company Gryphon, listed on NASDAQ, announced that it had acquired an 850-acre industrial site powered by natural gas from the Canadian oil and gas company Captus Generation for $18.7 million, causing its stock price to rise by 20% on Friday.

According to the acquisition agreement, Gryphon will pay BTG Energy, the parent company of Captus, CAD 24 million (approximately USD 17 million) in cash and issue CAD 3 million in restricted shares to the new management team.

In addition, Gryphon recently acquired bankrupt assets of Erikson National Energy, a Canadian power company for CAD 2 million. This includes natural gas and oil wells and facilities located in northeastern British Columbia.