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Bitcoin miner Griid Infrastructure announced Tuesday on entering into a special purpose acquisition company (SPAC) merger with Adit EdTech Acquisition Corp. to list on the New York Stock Exchange (NYSE). After the merger, the deal would value the two companies at $3.3 billion.

Bitcoin mining firm Griid Set to Go Public on NYSE

Bitcoin mining firm Griid is going to become the latest crypto company to go public. Should the deal go through, it will operate as Griid Infrastructure Inc. and list on the New York Stock Exchange (NYSE) under the ticker symbol GRDI.

The mining company is expected to receive approximately $246 million in cash from Adit EdTech at closing. Assuming no redemptions, Griid equity holders will own around 90 percent, Adit EdTech public stockholders will possess 8 percent, and Adit EdTech’s sponsor will own 2 percent of the shares.

The proposed deal was unanimously approved by the boards of both companies and is expected to close in the first quarter of 2022 subject to the necessary terms and conditions.

Commenting on building a carbon-free Bitcoin mining, Griid CEO Trey Kelly said in a 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. 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.”

Towards Carbon-Free Bitcoin Mining

Griid’s merger announcement follows the firm securing a $525 million credit facility from the well-known crypto platform Blockchain.com. The Cincinnati-based mining firm has three facilities in the US and aims to have mining capacity of 734 megawatts operational by 2023.

The company procures cheap, carbon-free energy to manage, build and has more than 1,300 megawatts of available power from existing energy generation partners. The company expects $1.6 billion in revenue for fiscal 2023.

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