Fun

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

News Feed - 2021-12-01 06:12:55

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 Blockchain.com, 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 Bitcoin.com 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 Blockchain.com. 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. Immersion Cooling Gets Attention From Miners Wanting to Squeeze More Power Out of Equipment MINING | 2 days ago More Regulations Proposed to ‘Streamline’ Mining Sector in Kazakhstan MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGalaxy Digital Plans to Raise $500 Million in Debt Market to ‘Accelerate Growth Initiatives’ Next articleTabTrader Token Is Launching on AcceleRaytor and Solanium Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed It‘Financial Inclusion’ — A Buzzword for Central Banks Who Secretly Despise Economic Freedom


The World Economic Forum (WEF) has released its latest report on "digital currency governance" this month, addressing stablecoins, cryptocurrencies, and "barriers to financial inclusion." Like most central banks, regulators, think tanks, and politicians, the WEF publication gives lip service to ... read more.More Regulations Proposed to ‘Streamline’ Mining Sector in Kazakhstan Sneaker Giant Adidas Says the Metaverse Is "Exciting," Reveals Partnership With Coinbase El Salvador Buys 100 More Bitcoins Amid Crypto Sell-Offs and New Covid-19 Variant Scare Grayscale Report Sees Metaverse as Potential $1 Trillion Business Opportunity

News Feed

Grayscale Buys 50% of All Ethereum Mined in 2020
Grayscale Buys 50% of All Ethereum Mined in 2020Digital asset manager Grayscale Investments bought about 50% of all newly mined ethereum so far this year. It now holds the equivalen
Sao Paolo Introduces Blockchain in Data Access Law
Sao Paolo Introduces Blockchain in Data Access Law The Brazilian city of Sao Paolo has introduced the concept of blockchain in its municipal data access and transparency law. The c
4 crypto price analysis platforms that can improve your trades
Elena Perez10 hours ago4 crypto price analysis platforms that can improve your tradesCrypto analytics platforms can vary widely depending on various factors, including price, investment focus and tracking abilities.1033
Indian Government Engages RBI to Discuss Cryptocurrency Regulation
Indian Government Engages RBI to Discuss Cryptocurrency Regulation The government of India is reportedly discussing a regulatory framework for cryptocurrencies with the central b
AuroraFS DApps Development Capabilities to Be Enhanced
AuroraFS DApps Development Capabilities to Be Enhanced press release PRESS RELEASE.Recent news reveals that AuroraFS has progressed in its vision and direction concerning the develo
Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19
Evidence Shows Politicians and Wall Street CEOs Expected the Market Crash Well Before Covid-19 The coronavirus outbreak has sent shockwaves through the world’s economy and
JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead
JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead Global investment bank JPMorgan has predicted that the long-term price of bitcoin will reach $150K
Blockdaemon gets greenlight for UAE expansion in Abu Dhabi
Savannah Fortis13 hours agoBlockdaemon gets greenlight for UAE expansion in Abu DhabiBlockdaemon gets the go-ahead for further expansion in the UAE with a new office in Abu Dhabi to boost web3 growth and push for institu
Bitcoin Bears Fear A Short Squeeze Above $71,000 As Open Interest Rises To $22.6B
Este artículo también está disponible en español. Bitcoin is on the verge of a historic move as it pushes toward its all-time highs, surging above the $71,000 mark just y
Turner Wright2 hours agoSEC embroiled in court cases; Hester Peirce says crypto firms shouldn’t give up on USThe commissioner said she had seen awareness and knowledge of digital assets grow in her five years at the SE
Ciaran Lyons4 hours agoCrypto exchange Zipmex suspends trading activity in ThailandCryptocurrency exchange Zipmex has announced it has suspended trading in Thailand to ensure it complies with local regulations.1222 Total
Mt. Gox creditors report multiple ‘brute-force’ attempts on their accounts
Brayden Lindrea5 hours agoMt. Gox creditors report multiple ‘brute-force’ attempts on their accountsMt. Gox’s claims website is currently down for maintenance, while Mt. Gox creditors are still looking for an expla