BTC Mining Company Griid To List On NYSE In A $3.3B Merger Deal

BTC mining company Griid based in Ohio is the latest miner to list on the New York Stock Exchange and will go public by merging with Adit EdTech Acquisition Corp at $3.3 billion enterprise valuation as we can see more in today’s Bitcoin news today.

Adit EdTech is a special purpose acquisition company that announced the merger in a filing with the US SEC with the sole purpose of SPAC is to acquire a private company and to make it public and it is also called a blank check company. The BTC mining company Griid will list on the New York Stock Exchange under the ticker symbol GRDI as both parties close the merger by the end of the first quarter of the year. That is subject to conditions including regulatory approvals and Adi EdTech’s stockholder’s approval so the mining company will receive about $246 million in cash from Adit EdTech. The SPAC deal came after Griid secured a $525 million credit facility from Blockchain.com

As per the investor presentation that Adit EdTech reports, Griid expects to mine 637 BTC so by 2024 the company predicts up to 24,348 BTC per year. Trey Kelly as the 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.”

CEO of Adit EdTech David Shrier outlined the importance of Carbon-free BTC mining and said:

“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.”

There has been a high rate of institutional and individual BTC adoption this year so the mining companies across the world are going public via SPACs or traditional initial public offering so a month ago, Australian Bitcoin miner Iris Energy filed to raise $100 million in a direct listing in the US. The Singapore-based crypto miner Bitdeer Technologies announced plans to list in the US via a $4 billion deal with SPAC blue Safari Group Acquisition Corp. The US became the perfect destination for BTC miners thanks to China’s ongoing crackdown. About a year ago, China was the leader in terms of hash rate with the crypto crackdown changing the story overnight. Most of the miners fled China and moved to America in what was seen as the biggest mining migration.