Bitcoin mining company Griid Infrastructure LLC (GRIID) goes public as a result of the merger with SPAC Adit EdTech. After the merger, the company is valued at $ 3.3 billion.
American company Griid Infrastructure LLC with three mining data centers in Cincinnati, Ohio,
reported on Tuesday November 30 that it will list its securities on the New York Stock Exchange (NYSE). The company goes public through the merger with SPAC Adit EdTech Acquisition Corp. The company formed as a result of the merger will be called GRIID Infrastructure Inc and is valued at $ 3.3 billion.
The current CEO, Trey Kelly, will remain GRIID’s President and will continue to lead the organization through the Board of Governors. Adit Ventures, which will finance the deal, will receive a 2% stake in GRIID. As a result, the current shareholders of the GRIID mining company will receive 90% of the securities. Adit EdTech shareholders will own 8% of the securities. The shares listed on the NYSE will be traded under the GRDI ticker. The merger will bring GRIID $ 246 million in SPAC trust account. The companies intend to implement the contract in the first quarter of 2022.
The CEO of GRIID said that they will use the money received from the contract to develop production.
“We are building a US infrastructure company with a carbon-free data center. Our team has been successfully operating for three years now and we look forward to expanding our production capacity through this deal. ”
GRIID reports that the company plans its own generation with a capacity of 1,300 MW, of which 734 MW will be commissioned by 2023 at a cost of electricity less than $ 25 MW / h. The company expects revenue of $ 1.6 billion in fiscal 2023.
Last month, US mining company GRIID received a $ 525 million line of credit from cryptocurrency platform Blockchain.com. The new funding will go towards purchasing equipment and expanding the business. American mining companies, in order not to lose in the competition with Chinese miners who move to the United States due to the ban of the PRC authorities, are trying to attract money to increase capacity and develop business. In November, the American mining company Marathon Digital announced that it was going to issue bonds in the amount of $ 650 million for equipment purchases.
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