Bitcoin Miner Griid Infrastructure Merges with ADEX to Go Public on NYSE

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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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