Griid Infrastructure, a U.S.-based Bitcoin mining company, is set to go public through a merger with Adit EdTech Acquisition Corp., a special purpose acquisition company (SPAC), in a deal that would value the combined company at about US$3.3 billion, according to a company statement released Tuesday.
Fast facts
- Upon completion of the deal, the combined company is expected to operate under the name “GRIID Infrastructure Inc.,” and will be listed under the ticker “GRDI” on the New York Stock Exchange.
- Griid, a self-mining company that operates a growing portfolio of energy infrastructure and Bitcoin mining facilities in the U.S., said it has over 1,300 megawatts of power, 734MW of which will be operational by 2023, according to the statement.
- “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 the statement.
- The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTech’s stockholders.
- A SPAC essentially is a shell company set up for the purpose of raising money through an initial public offering (IPO). It is then used to eventually acquire or merge with a target company, which can go public without all the paperwork of a traditional IPO.
- Griid is not the only crypto mining company that looks to go public through such a backdoor listing. In November, Bitdeer Technologies, a Singapore-headquartered crypto mining company, said it had entered into a merger agreement with Blue Safari, a publicly traded SPAC, to list on the Nasdaq. The deal was valued at about $4 billion.