Bitcoin Mining Company Griid Plans for Public Listing on NYSE via SPAC Deal – Mining Bitcoin News


Bitcoin Mining Company Griid Plans for Public Listing on NYSE via SPAC Deal

After the vertically integrated bitcoin self-mining company Griid revealed it secured a $525 million credit facility from, the company revealed it plans to go public via a special purpose acquisition company (SPAC) deal. Griid will be listed on the New York Stock Exchange (NYSE) after merging with the company Adit Edtech.

Griid to Go Public in a Merger With Adit Edtech Acquisition Corp

Griid Infrastructure currently operates three U.S.-based mining facilities and aims to have 734 megawatts (MW) operational by 2023. On Tuesday, the company announced it entered a significant SPAC deal with the firm Adit Edtech Acquisition Corp. and after the merger, the two companies will have a combined value worth $3.3 billion. Griid started a newly formed holding company and the Griid parent company, called Griid Holdco LLC, and the holding company will be acquired by Adit Edtech.

Griid explains that the firm expects a fiscal-year 2023 revenue return of around $1.6 billion after expanding the company’s MW capacity. Currently the firm has a total of 1,300 MW under agreements via MOUs or LOIs. With 734 MW operational by 2023 and a breakeven bitcoin production cost at $6,225 per BTC, the firm anticipates Griid’s growth will accelerate. Additionally, Griid states that the firm “supports the growth of carbon-free energy generation.”

“We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production,” Trey Kelly, CEO of Griid said in a statement sent to News. “Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”

Adit Edtech’s Founder Envisions ‘Broader Economic Potential of Green Infrastructure’

After the merger, the combined company will operate under the name Griid Infrastructure Inc., and will be listed on NYSE under the ticker “GRDI.” Griid’s merger announcement follows the firm securing a $525 million credit facility from the well-known crypto company Adit Edtech’s founder and managing partner, Eric Munson, believes there’s a lot of potential in the industry for eco-friendly infrastructure.

“Griid’s focus on utilizing next-generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure,” Munson said.

Tags in this story
2023, 734 MW, Adit Edtech, Bitcoin, Bitcoin (BTC), Go Public, GRDI, green infrastructure, Griid, Griid Infrastructure Inc., IPO, Megawatts, Merger, mining, mining bitcoin, mining companies, mining company, NYSE, Public Listing, SPAC deal, Trey Kelly

What do you think about the SPAC deal between the bitcoin miner Griid and Adit Edtech? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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