After the vertically integrated bitcoin self-mining company Griid revealed it secured a $525 million credit facility from Blockchain.com, the company revealed it plans to go public via a special purpose acquisition company (SPAC) deal. Griid will be listed on the New York Stock Exchange (NYSE) after merging with the company Adit Edtech.
Griid to Go Public in a Merger With Adit Edtech Acquisition Corp
Griid Infrastructure currently operates three U.S.-based mining facilities and aims to have 734 megawatts (MW) operational by 2023. On Tuesday, the company announced it entered a significant SPAC deal with the firm Adit Edtech Acquisition Corp. and after the merger, the two companies will have a combined value worth $3.3 billion. Griid started a newly formed holding company and the Griid parent company, called Griid Holdco LLC, and the holding company will be acquired by Adit Edtech.
Griid explains that the firm expects a fiscal-year 2023 revenue return of around $1.6 billion after expanding the company’s MW capacity. Currently the firm has a total of 1,300 MW under agreements via MOUs or LOIs. With 734 MW operational by 2023 and a breakeven bitcoin production cost at $6,225 per BTC, the firm anticipates Griid’s growth will accelerate. Additionally, Griid states that the firm “supports the growth of carbon-free energy generation.”
“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,” Trey Kelly, CEO of Griid said in a statement sent to Bitcoin.com News. “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.”
Adit Edtech’s Founder Envisions ‘Broader Economic Potential of Green Infrastructure’
After the merger, the combined company will operate under the name Griid Infrastructure Inc., and will be listed on NYSE under the ticker “GRDI.” Griid’s merger announcement follows the firm securing a $525 million credit facility from the well-known crypto company Blockchain.com. Adit Edtech’s founder and managing partner, Eric Munson, believes there’s a lot of potential in the industry for eco-friendly infrastructure.
“Griid’s focus on utilizing next-generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure,” Munson said.
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