ONTARIO, Calif., Dec. 16, 2024 /PRNewswire/ -- Nature's Miracle Holding Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, announced today that the Company, through its wholly owned subsidiary NM Data Inc., has entered into a Stock Purchase Agreement dated December 14, 2024 (the "Agreement"), to acquire a 90% equity interest in J&Y Marigold Ltd. ("J&Y Marigold"), a Toronto-based company currently developing a Bitcoin mining facility with anticipated power load of 14 megawatts ("MW"). The acquisition demonstrates Nature's Miracle's ambition to diversify its portfolio by venturing into emerging, high-growth industries. By securing a controlling stake in J&Y Marigold, the Company aims to further strengthen its Bitcoin mining capacity and position itself at the forefront of the cryptocurrency revolution, aligning its business model with cutting-edge technologies that are shaping the future of global finance.
Pursuant to the Agreement, Nature's Miracle has agreed to purchase 90% of the fully-diluted shares of J&Y Marigold Ltd. for an aggregate purchase price of up to $5.32 million. The phase I (9MW) of the transaction is expected to close in the first quarter 2025 with phase II (5MW) close in the second quarter of 2025. Assuming the completion of the two phases of mining facility development contemplated by the Agreement, Nature's Miracle would have a bitcoin mining facility with a total capacity of 14 MW at this location by first half 2025.
Mr. James Li, Chairman and CEO of Nature's Miracle, commented, "Our acquisition of a majority stake in J&Y Marigold marks an important milestone in strengthening our Bitcoin mining vertical, a transformative step in our journey toward diversification and growth. We expect the 14 MW Bitcoin mining facility being built by J&Y Marigold to be operational in the first half of 2025, enabling us to leverage advanced infrastructure to deliver efficient and scalable mining capabilities. This strategic acquisition allows us to expand beyond our core focus on agriculture technologies and solidify our foundation in the cryptocurrency industry. The global cryptocurrency market is experiencing unprecedented growth, fueled by increasing adoption and heightened institutional interest. Bitcoin mining, in particular, serves as a critical component in maintaining blockchain network security and stability while offering significant economic opportunities. This acquisition represents a vital step in our broader strategy to foster diversified growth, enhance operational capabilities, and seize new opportunities in a fast-evolving global landscape."
About Nature's Miracle Holding Inc.
Nature's Miracle () is a growing agriculture technology company providing products and services to growers in the Controlled Environment Agriculture ("CEA") industry around the world. The company has recently launched EV and bitcoin business, all energy dependent as CEA.
SOURCE Nature's Miracle Holding Inc.
