Griid is a Bitcoin mining company based in Ohio. It has just been listed on the New York Stock Exchange. Adit EdTech Acquisition Corp would acquire it at an enterprise valuation of $3.3 billion.
Adit EdTech (a Special Purpose Acquisition Company) announced the merger in an announcement. FilingWith the United States Securities and Exchange Commission, Tuesday. A SPAC’s sole purpose is to purchase a private business and make it public. You can also call it a blank check business.
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Griid will list on the New York Stock Exchange under the ticker symbol “GRDI” after both parties close the merger, expected by the first quarter of next year. That is, subject to conditions including regulatory approvals and approval of Adit EdTech’s stockholders. The bitcoin mining company will then receive approximately $246 million cash from Adit EdTech.
A new Bitcoin mining company goes public
Griid just received a $525m credit facility through Blockchain.com.
According to Investor presentation that Adit EdTech published recently, Griid expects to mine 637 BTC this year. The company projects that Griid will mine up to 24348 BTC annually by 2024.
Speaking on the merger, Trey Kelly, founder and CEO of Griid, said, “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. 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 CEO David Shrier stressed the importance of carbon-free Bitcoin mining. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”
BTC trading starting at $56.9K. Source: BTCUSD TradingView.com| Source: BTCUSD on TradingView.com
The adoption of Bitcoin has increased at an accelerated rate this year, both by individuals and institutions. SPACs and traditional initial public offerings are becoming more popular in mining. Iris Energy, an Australian Bitcoin miner, applied last month for $100 million in a direct listing in America.
Bitdeer Technologies, an Singapore-based cryptocurrency miner, made public its plans to list in America via a $4 million deal with SPAC Blue Safari Group Acquisition Corp.
The U.S. has become the number one destination for bitcoin miners, thanks to China’s ongoing crackdown.
China was the world’s largest market for hash rates a year back. The crypto crackdown almost changed the story in a matter of days.
Majority of the miners that fled China relocated to America in what was dubbed “the great mining migration.”
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The U.S. became a major global mining center due to this migration. This will continue to be true with pre-orders of mining machines and projections of hash rates for 2022.
Featured image from Reuters. Chart by TradingView.com