Gridi Infrastructure – an American mining company known as bitcoin – and the blank check company – 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 may have a new participant
According to a November 30 press release, the entity will be posted on the NYSE under the name “GRIID Infrastructure Inc. with the ticker symbol” GRDI “. It will have a combined value of approximately $ 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.
Gridi Infrastructure is a self-mining bitcoin company that operates a significant number of energy facilities across the United States. It has also secured low-cost electricity pipelines with a focus on carbon-free production partners. Kelly highlighted Griid’s green efforts and believes the collaboration with ADEX will further increase Griid’s capacity.
David Shrier – CEO of Adit EdTech – stated that “carbon-free mining is the future of bitcoin” and added:
“Grid’s combination of an extensive low-cost, carbon-free energy pipeline, distinct access to next-generation ASICs, and market-leading execution positions 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 was listed on Nasdaq in 2013 under the ticker MARA. Currently, a single share of the company is trading at around $ 52. However, this was not the case in early November when the price hit 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.
