Griid, an Ohio-based bitcoin self-mining company, is the newest bitcoin miner to be listed on the New York Stock Exchange (NYSE). It would go public through the merger with Adit EdTech Acquisition Corp for an enterprise value of $ 3.3 billion.
Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger into a. known submission with the U.S. Securities and Exchange Commission (SEC) on Tuesday. The sole purpose of a SPAC is to acquire a private company and get it public. It is also known as a blank check company.
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Griid will be listed on the New York Stock Exchange under the ticker symbol “GRDI” after both parties complete the merger, which is expected by the first quarter of next year. That is, subject to terms and conditions, including regulatory approvals and approval by Adit EdTech shareholders. The bitcoin mining company will then receive approximately $ 246 million in cash from Adit EdTech.
Another Bitcoin mining company goes public
The SPAC deal comes shortly after Griid secured a $ 525 million credit facility from Blockchain.com.
After a Investor Presentation which Adit EdTech recently released, Griid expects to mine 637 BTC this year. The company predicts up to 24,348 BTC per year through 2024.
Commenting on the merger, Trey Kelly, founder and CEO of Griid, said: “We are building an American infrastructure company with the largest pipeline of dedicated, carbon-free energy among public Bitcoin miners at the lowest cost of scaled production. Our team has had a track record of successfully executing the company over the past three years since the company’s inception and we look forward to adding capacity through this transaction. “
Adit EdTech CEO David Shrier also highlighted the importance of carbon-free bitcoin mining. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, unique access to next-generation ASICs, and market-leading execution positions GRIID to deliver attractive profitability and growth.”
BTC trading at $56.9K | Source: BTCUSD on TradingView.com
This year there has been a high rate of both individual and institutional Bitcoin adoption. As a result, mining companies go public worldwide through SPACs or traditional initial public offerings (IPOs). Last month, Australian bitcoin miner Iris Energy applied to raise $ 100 million through a direct listing in the United States
Earlier this month, a Singapore-based cryptocurrency miner Bitdeer Technologies announced its plan to enter into a $ 4 billion deal in the US with SPAC Blue Safari Group Acquisition Corp.
Mining in the USA
The U.S. has become the number one target for Bitcoin miners thanks to China’s ongoing crackdown.
About a year ago, China was the leader in terms of hash rate. However, the crackdown by the cryptocurrencies changed that story almost overnight.
The majority of miners who fled China relocated to America in what has been referred to as “the great mining migration”.
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This migration resulted in the US becoming a global mining hub. And with the pre-orders of mining machines and hash rate forecasts for 2022, that won’t change anytime soon.
Featured image by Reuters, Chart from TradingView.com