Griid, a vertically integrated self-mining bitcoin company, announced it had secured $525 million in credit facilities from Blockchain.com. The company also revealed that it intends to become public through a special purpose acquisition company deal (SPAC). After merging with Adit Edtech, Griid will become listed on New York Stock Exchange (NYSE).
Griid merges with Adit Edtech Acquisition Corp.
Griid Infrastructure has three U.S.-based mine facilities. It aims to be operational with 734 megawatts by 2023. Griid Infrastructure announced on Tuesday that it had entered into an important SPAC deal to acquire Adit Edtech Acquisition Corp. The combined company value will be $3.3B. Griid created a holding company with the Griid parent, Griid Holdco LLC. Adit Edtech will acquire the holding company.
Griid explains that the firm expects a fiscal-year 2023 revenue return of around $1.6 billion after expanding the company’s MW capacity. The firm currently has 1,300 MW of agreements under MOUs and 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.
How do you feel about the SPAC agreement between Adit Edtech and Griid, the Bitcoin miner? Please comment below to let us know your thoughts on this topic.
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