Griid Infrastructure – an American bitcoin mining company known – and the blank check firm – Adit EdTech Acquisition Corp. (ADEX) – announced their merger. As a result, the latter will acquire Griid Holdco LLC – a newly formed holding organization and parent of Griid.
Upon finalizing the transaction, the combined entity is expected to be listed on the New York Stock Exchange (NYSE).
NYSE Might Have a New Participant
According to a November 30 press release, the entity will go live on the NYSE under the name “GRIID Infrastructure Inc.” with the ticker symbol “GRDI.” It will have a combined value of about $3.3 billion.
The transaction is expected to provide nearly $250 million in cash at closing from Adit EdTech’s trust account. Assuming no amendments, current Griid equity holders will own around 90%, Adit EdTech public stockholders will possess 8%, and Adit EdTech’s sponsor will own 2% of the shares. Griid’s Chief Executive Officer – Trey Kelly – will be the leader of the merged organization.
Griid Infrastructure is a bitcoin self-mining company that manages a significant number of energy facilities across the USA. It has also secured low-cost power pipelines with a focus on carbon-free generation partners. Kelly highlighted Griid’s green efforts and believes the collaboration with ADEX will further expand the capacity of Griid.
David Shrier – CEO of Adit EdTech – stated that “carbon-free mining is the future of bitcoin” and added:
“Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASIC’s, and market-leading execution position them to generate attractive profitability and growth.”
Following The Steps of Other BTC Miners
Some leading American bitcoin mining companies have already achieved what Griid Infrastructure and ADEX aim to do.
One of the examples is Marathon Digital Holdings, which got listed on Nasdaq in 2013 under the ticker symbol MARA. Currently, a single share of the firm trades at about $52. However, this was not the case at the beginning of November when the price reached an all-time high of $76.
The reason for that price drop was a warrant from the SEC. The agency demanded that the company present all relevant documents and communications related to its Hardin, Montana data center facility. This development led to a 27% decrease for MARA in a matter of just 24 hours.
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