Olenox Industries Inc. (OLOX) is having a good Monday. The stock jumped 11% in premarket trading, following a week of announcements that included July Bitcoin production numbers and a planned $20 million acquisition.

Bitcoin Mining Operations Expand

In July, Olenox produced about 15.13 Bitcoin, with an average realized operational hashrate of about 1.02 EH/s. That realized hashrate hit about 64% of the fleet's economic capacity, a figure the company attributes to planned summer curtailment, low-power-mode operations, and normal equipment availability.

The fleet consists of 9,584 S21-class ASIC miners, with about 35 MW of installed capacity and 2.19 EH/s of nameplate capacity. July's production came from third-party hosting facilities powered by the ERCOT grid, so it doesn't yet reflect Olenox's plan to convert natural gas into computing power at the point of generation. The company is targeting power costs below 2 cents per kWh.

Olenox Strikes $20 Million Acquisition Deal

On Wednesday, Olenox announced it had signed a nonbinding letter of intent to acquire Wildboy Holdings Ltd. and IPD Industries Inc. for about $20 million. The deal would be paid primarily in Olenox preferred stock, along with common stock and cash.

The acquisition would give Olenox access to additional natural gas resources, power-generation opportunities, and infrastructure for data centers and other power-intensive applications. Wildboy's assets include a natural gas plant with processing capacity of up to 144 MMcf per day and interests tied to more than 180,000 acres in northern British Columbia. Existing wells could provide up to 18 MMcf per day of natural gas, potentially supporting about 90 MW of gas-fired generation.

IPD has interests associated with more than 5,000 acres near the Waha Hub in Texas, including natural gas arrangements and projects involving electric infrastructure, substations, water infrastructure, and on-site generation.

The companies are targeting a closing by Oct. 31, but the deal remains subject to due diligence, definitive agreements, and required corporate, shareholder, Nasdaq, regulatory, and third-party approvals.

OLOX Stock Price

Olenox Industries shares were up 11% at $2.32 in Monday's premarket trading.