Lowenstein Sandler represented Applied Digital Corporation (NASDAQ: APLD), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing applications, in the pending sale of its 200-megawatt Bitcoin mining data center in Garden City, Texas, to Marathon Digital Holdings, Inc. (NASDAQ: MARA) for a gross purchase price value of $97.3 million. The Bitcoin mining data center is located adjacent to a wind farm and uses predominantly renewable energy.
Completed in 2023, Applied Digital's Garden City campus provides hosting agreements for blockchain mining clients, such as Marathon, under third-party arrangements. Applied Digital exclusively focuses on infrastructure and support services and does not currently own any equipment placed in the facility. Marathon has been a significant customer at the Garden City campus, operating under a multi-year colocation hosting agreement, and will remain a customer at our North Dakota blockchain hosting facilities.
Applied Digital (Nasdaq: APLD) designs, develops, and operates next-generation data centers across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing (HPC) industry.
Marathon is a digital asset technology company that focuses on supporting and securing the Bitcoin ecosystem. The Company is currently in the process of becoming one of the largest and most sustainably powered Bitcoin mining operations in North America.
The Lowenstein team advising Applied Digital included partners Steven E. Siesser and Daniel A. Suckerman, counsel Stacey C. Tyler and associate Billy Fausto Michaca.
The transaction was reported by Law360.
