Sterling Digital (LSE:ASIC) has entered into a contract with Texas-based Terra Solis Mining to provide commissioning and installation support for its first gas-to-energy bitcoin mining site and has opened a Coinbase institutional custodian account.
Terra Solis will establish Sterling Digital's phase 1 infrastructure and, the company says, was commissioned to deliver the work at a materially lower cost than competitors.
The agreement is a related party transaction because Stefan Michaelides, the company's CEO, and substantial shareholder Dragan Jovanovich are both directors of Terra Solis, and the independent directors Guy Winterflood and Patrick Claridge have concluded the terms are fair and reasonable under AQSE Rule 4.6.
The Coinbase custodian account is intended to provide institutional-grade storage for mined bitcoin once construction is complete, and the company says the solution aligns with its custody policy and risk-management practices.
"Selecting Coinbase Institutional as our custody provider marks a pivotal moment for Sterling Digital," said Stefan Michaelides.
Sterling Digital says its development plan is progressing as anticipated and it will provide further updates shortly.
