Canadian Bitcoin Mining Firm POW.RE Acquires Swiss Block Green, Expanding Digital Financial Services Platform
POW.RE Holdings Limited, a Canadian-based Bitcoin mining company, has announced plans to acquire Block Green AG, a Swiss Bitcoin liquidity protocol, in a deal that combines equity, Bitcoin (BTC), and cash. The deal marks a major milestone in the integration strategy between mining and financial services on the blockchain platform.
According to POW.RE, the deal is in the process of being finalized and is expected to be completed within the next 90 days, subject to regulatory approvals. POW.RE will acquire 100% of Block Green's shares through an equity swap, along with additional payments in BTC and USD.
Mining and Finance Merger
Block Green is a Swiss-regulated fintech company backed by prominent investors such as Founders Fund and Coinbase Ventures. The company provides advanced liquidity solutions for Bitcoin miners, including hedging tools and hashrate revenue management.
Meanwhile, POW.RE operates mining facilities powered by renewable energy, primarily hydropower, in Canada and Paraguay. The company focuses on developing efficient hashrate management technology, aiming at sustainable and environmentally friendly mining operations.
Expanding scale and legal scope
The merger aims to exploit the synergies between the two companies, with POW.RE providing a base amount of hashrate to Block Green's market for 24 months after the transaction is completed. The deal also expands POW.RE’s market reach through Block Green’s industry connections, while enhancing its regulatory standing through its Swiss financial intermediary license and pending MiCA applications in the European Union.
Block Green CEO Sebastien Hess will join the POW.RE board, while the current Block Green team will remain on board to ensure continuity in product development and expansion strategy.
Aiming to build a Bitcoin credit infrastructure
According to POW.RE representatives, the deal is a big step towards the goal of building a Bitcoin-based financial and credit ecosystem. Block Green also emphasized that the merger will help accelerate the scalability of their core financial products.
Neither party has disclosed detailed financial terms of the deal. Upon completion, POW.RE and Block Green will continue to operate from their two headquarters in Montreal (Canada) and Rottreuz (Switzerland).