Form 4: Atlas Capital Entities Boost Stake in Greenidge Generation Holdings Through Equity Payment

Atlas Capital Resources GP LLC and related entities, including directors Andrew M. Bursky and Timothy J. Fazio, increased their beneficial ownership in Greenidge Generation Holdings Inc. by 131,937 shares of Class A Common Stock on July 2, 2025, as part of an equity interest payment agreement.

Summary

• Atlas Capital Resources GP LLC, Atlas Capital GP LP, Atlas Capital Resources (A9) LP, Andrew M. Bursky, and Timothy J. Fazio, all identified as Directors and 10% Owners, acquired shares in Greenidge Generation Holdings Inc.
• The transaction occurred on July 2, 2025, involving the acquisition of 131,937 shares of Class A Common Stock.
• The shares were issued at a price of $1.23 per share.
• This acquisition was a $162,322 payment made by Greenidge Generation Holdings Inc. to Atlas entities, as stipulated by an Equity Interest Payment Agreement dated January 24, 2025.
• Of the 131,937 shares, 94,534 were issued to Atlas Capital Resources (A9) LP, 33,944 to Atlas Capital Resources (A9-Parallel) LP, and 3,459 to Atlas Capital Resources (P) LP.
• Following this transaction, the Atlas Entities' total beneficial ownership stands at 3,774,711 shares, consisting of 1,094,681 shares of Class A Common Stock and 2,680,030 shares of Class B Common Stock, which are convertible into Class A Common Stock.
• Atlas Capital GP LP is the general partner for several Atlas funds, and Atlas Capital Resources GP LLC is the general partner of Atlas Capital GP LP, with Andrew M. Bursky and Timothy J. Fazio serving as managing partners of Atlas Capital Resources GP LLC and potentially controlling the Atlas Entities.

Sentiment

Score: 7

Explanation: The acquisition of shares by significant insiders (directors and 10% owners) through an equity payment agreement indicates a pre-arranged transaction that increases their stake, which is generally a positive signal of alignment and confidence, even if not a discretionary market purchase.

Positives

• Increased alignment of interests between significant shareholders/directors (Atlas Capital Entities, Andrew M. Bursky, Timothy J. Fazio) and Greenidge Generation Holdings Inc. through increased equity ownership.
• The acquisition of shares, even as a payment, indicates a pre-arranged commitment and continued involvement from key insiders.

Future Outlook

The transaction date of July 2, 2025, indicates a pre-arranged future event stemming from an agreement made on January 24, 2025, reflecting a planned equity payment rather than a discretionary market purchase.

Management Comments

• The Issuer made a $162,322 payment to Atlas in the form of shares of Class A Common Stock based on the price formula set forth in the Equity Interest Payment Agreement.
• Each of Messrs. Bursky and Fazio and each of the Atlas Entities disclaims beneficial ownership interest of the Class A Common Stock except, in each case, to the extent he or it has any pecuniary interest therein.

Industry Context

This Form 4 filing details an insider transaction for Greenidge Generation Holdings Inc., a company involved in Bitcoin mining and power generation. The acquisition of shares by significant insiders, even as a pre-arranged payment, generally signals continued confidence and alignment of interests within the company's leadership and major investors.

Comparison to Industry Standards

• Insider transactions, particularly acquisitions by directors and significant shareholders, are generally viewed positively across industries as they indicate confidence in the company's future prospects.
• While not a discretionary market purchase, this equity payment increases the stake of key insiders, which is consistent with a positive signal of alignment, similar to how increased insider ownership is perceived in other technology or energy sector companies.

Related Party Transactions

• The transaction involves Greenidge Generation Holdings Inc. making an equity payment to Atlas Capital Resources (A9) LP, Atlas Capital Resources (A9-Parallel) LP, and Atlas Capital Resources (P) LP (collectively 'Atlas'), which are 10% owners and have directors (Andrew M. Bursky and Timothy J. Fazio) associated with them, indicating a related party transaction.

Stakeholder Impact

• Shareholders: The increase in beneficial ownership by significant insiders may be viewed positively, suggesting continued commitment and alignment of interests from key stakeholders.

Key Dates

Recommendation

Keywords

Greenidge Generation Holdings, GREE, Atlas Capital, Form 4, insider ownership, equity payment, beneficial ownership, Class A Common Stock, Class B Common Stock, Andrew M. Bursky, Timothy J. Fazio