AUSTIN, Texas--(BUSINESS WIRE)--Ionic Digital, Inc. ("Ionic" or the "Company"), a digital infrastructure and cryptocurrency mining company, today announced that its Amended and Restated Management Services Agreement (the "A&R MSA") with U.S. Data Management Group, LLC ("Hut 8") has been terminated pursuant to notice provided on November 26, 2024, and without incurrence of the $22.5 million termination fee.
The Company remains committed to working constructively with Hut 8 toward an orderly transition prior to the termination taking effect on December 10, 2024. The Company's management team and other resources are prepared to take operational control of the Company's Bitcoin mining sites to minimize any disruption during this transition.
Ionic is committed to prioritizing the best interests of its shareholders as it focuses on executing on its strategy and positioning the company for long-term, sustainable growth and success. As part of this strategy, Ionic continues to streamline its operations, investing in upgrades to its infrastructure, while exploring new opportunities to further scale its operations to deliver long-term shareholder value.
Ionic intends to continue to share updates with its shareholders on its operating plan in the coming weeks.
About Ionic Digital
Ionic Digital is a prominent Bitcoin miner and emerging innovator in energy monetization. With facilities across North America, Ionic expects to have the ability to deploy up to 13.7 exahash to the Bitcoin Network. For more information, visit ionicdigital.com and follow us on X at @IonicDigital.
Contacts
Media Contact:
pr@ionicdigital.com
