Compiled Jun 2026 · Source: BDE Land Acquisition Tracker v8

BDE Site Portfolio

Overview of all BDE sites and acquisition targets. Click into any site to view its detailed land ownership / acquisition brief — deed summary, parcel map (where available), surrounding ownership, key flags, and recommended next actions.

12
Total Sites
~7,210 ac
Acquisition Pipeline (total)
~$25.7M
Pipeline Est. Value
424 MW
Combined Capacity
All Sites
BDE-001 · Midland PA
Midland PA
Midland, PA · Beaver Co.
Full Brief · Map
120 MW
Capacity
208.3 ac
Site
4.33 ac
Target
BDE-002 · Mustang
Mustang
Crockett, TX · Houston Co.
Full Brief · Map
24 MW
Capacity
4.61 ac
Site
~3,726 ac
Confirmed Adj. Land
BDE-003 · Wallis
Wallis
Wallis, TX · Austin Co.
Full Brief · Map
20 MW
Capacity
4 ac
Acquired
~35.79 ac
Full Marek Tract
BDE-004 · Wildcat
Wildcat
Pittsburg, KS · Crawford Co.
Full Brief · Map
10 MW
Capacity
15 ac
Site
TBD
Target
BDE-005 · Lake Lavon
Lake Lavon
Princeton, TX · Collin Co.
Full Brief · Map
40 MW
Capacity
1.14 ac
Acquired
GWD
Title Type
BDE-006 · Lawton
Lawton
Geronimo, OK · Comanche Co.
Closing Imminent
100 MW
Capacity
160 ac
Site
160.72 ac
Target
BDE-007 · Load House
Load House
Tolar, TX · Hood Co.
Full Brief · Map
17 MW
Capacity
29.7 ac
Site
29.7 ac
Acquired
BDE-008 · Manning
Manning
Manning, IA · Carroll Co.
Full Brief · Map
19 MW
Capacity
37.2 ac
Site
~154.35 ac
Target (4 parcels)
BDE-009 · Arthur IA5
Arthur IA5
Arthur, IA · Ida Co.
Full Brief · Map
8 MW
Capacity
259.95 ac
Site
259.95 ac
Target
BDE-010 · Bellefonte PA
Bellefonte PA
Bellefonte, PA · Centre Co.
Full Brief · Map
9 MW
Current
24 MW
Expansion
155.37 ac
Target
BDE-011 · Brazoria
Brazoria
Brazoria, TX · Brazoria Co.
Full Brief · Map
17 MW
Capacity
10 ac
Site
$0.043/kWh
ESA Rate
BDE-012 · Corning OH
Corning OH
Glouster, OH · Perry Co.
Full Brief · Map
24 MW
Capacity
—
Site
TBD
Target
Capital Plan & Milestone Timeline
1
Midland PA — 120 MW operating cashflow
Existing
December 2025
Baseline: Midland PA producing 120 MW of operating cashflow. Land-lease conversion target: $60k per MW = ~$194M annual revenue at 370 MW.
2
Bellefonte at capacity (9 MW) + Hydro expansion to 24 MW
Expansion
March 2026
Bellefonte at full 9 MW air-cooled capacity, expanding with hydro to the full 24 MW.
2a
$200M capital raise
Capital Raise
May 2026
$200M raise to fund the acquisition and expansion plan. Use of proceeds: Midland PA 200-acre acquisition ($60M), Corning OH 24 MW hydro ($10M), Lawton 175 MW acquisition ($55M), Lavon 40 MW acquisition ($35M), Mustang / Manning / Wallis 144 MW expansion ($30M).
3
Lawton — site acquisition (Stadium / Code2 deal)
Acquisition
June 2026
Acquire 100-acre Lawton site, execute Stadium Partners / Code2 deal. $20M refundable deposit. $10M of capex covers substation buildout. Site energizes directly to AI/HPC — no Bitcoin mining at this site.
4
Resolve Celsius, Marshall, and Cleanspark litigation
Milestone
July 2026
Settle / clear the Celsius Promissory Note, Marshall Loan, and Cleanspark litigation. Removes overhang on the balance sheet ahead of the next acquisitions.
5
Merge 24 MW Mustang site into $BGDE
Merger
July 2026
Roll the 24 MW Mustang site into the public co ($BGDE) post-execution of the LOI with Vultur / Nvidia.
6
Merge 100 MW / 100-acre Lawton site into $BGDE
Merger
August 2026
Roll the 100 MW, 100-acre Lawton site into the public co ($BGDE) post-execution of the LOI with Stadium Partners / Code2. Lawton energizes directly to AI/HPC at the Sep 2027 milestone.
7
Corning OH — 100-acre acquisition + 24 MW hydro hosting
Acquisition
August 2026
Acquire 100 acres at Corning, stand up 24 MW of hydro hosting with Bitmain. Load study for additional power.
8
Merge remaining BDE private assets into $BGDE (Manning, Wallis, Arthur IA5, Wildcat)
Merger
October 2026
Roll the remaining BDE private-owned sites into the public co ($BGDE). Each site's current Bitcoin mining customer revenue starts contributing to consolidated $BGDE cashflow.
9
Midland PA — 200 MW land + substation refurbishment
Acquisition
November 2026
Acquire all 200 MW at Midland PA and refurbish the dormant substation. AI/HPC conversion energizes Jan 2028.
10
Manning / Wallis / Mustang — 144 MW substation expansions
Expansion
November 2026
Substation expansions across Manning, Wallis, and Mustang to support a combined 144 MW. Added capacity feeds into existing BTC mining first; AI conversion tracked separately per site.
11
Mustang conversion to AI/HPC (Nvidia)
Conversion
April 2027
Mustang flips from Bitcoin mining to AI/HPC under the Nvidia contract. BTC mining stops, AI contract takes over. Post-build-out target: ~$4M/yr net at Mustang.
12
Lavon — 40 MW acquisition (future AI conversion)
Acquisition
July 2027
Acquire 40 MW Lavon site for future AI conversion. Includes $10M for site upgrades and additional compute pre-conversion.
13
Lawton — AI/HPC energization (Stadium / Code2)
Conversion
August 2027
Lawton goes live with AI/HPC under Stadium Partners / Code2. Working assumption: $4M/mo contract revenue.
14
Mustang — 74 MW expansion
Expansion
November 2027
Expand Mustang by an additional 74 MW on top of the converted 24 MW. Working assumption: ~$12M/yr ($1M/mo) of incremental FCF. Capex ~$45M.
15
Midland PA — AI/HPC conversion energization
Conversion
December 2027
Midland PA flips from BTC mining to AI/HPC at the Jan 2028 contract start. Working assumption: $8M/mo of AI/HPC contract revenue replaces the BTC mining contribution.