Alcoa Corp. in advanced talks to sell former Massena East aluminum smelter site to NYDIG for Bitcoin mining and digital infrastructure development

US aluminum producer Alcoa Corp. is in advanced talks to sell its former Massena East aluminum smelter in upstate New York to Bitcoin mining firm NYDIG for an undisclosed sum. The 1,600-acre former Reynolds Metals Facility, constructed in 1958 and acquired by Alcoa in 2000, sits along the St. Lawrence River with access to hydropower from the New York Power Authority. Alcoa closed the smelter in 2014 due to high energy costs and lower-cost overseas aluminum producers, but the site's existing grid access and high-capacity power infrastructure now aligns with growing demand from data center and digital infrastructure developers. NYDIG, an affiliate of asset management firm Stone Ridge Holdings Group founded in 2017, has an existing Bitcoin mining business and crypto-focused financial services, including prior acquisition of Crusoe's flare gas cryptomining operations. Alcoa CEO Bill Oplinger stated in a Bloomberg interview on April 17 that the company is 'close to a deal with NYDIG' and expects the transaction to close in the middle of 2026.

Counterparts (2)

Buyer

NYDIG

company · 1 deals

NYDIG is a bitcoin company that provides investment and technology solutions to institutions. They focus on providing access to Bitcoin as an asset class.

Seller

Alcoa

company · 1 deals

Alcoa Corporation is a global leader in the production of bauxite, alumina, and aluminum, operating across the full value chain with mines, refineries, and smelters worldwide. Its products are essential components for various infrastructure sectors including transport, utilities, and energy transition.