Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal

Griid, an Ohio-based Bitcoin self-mining company, is the latest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public by merging with Adit EdTech Acquisition Corp at a $3.3 billion enterprise valuation. Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the United States Securities and Exchange Commission (SEC) Tuesday. The sole purpose of a SPAC is to acquire a private company and make it go public. It is also called a blank check company. Related Reading | Bitcoin Mining Firm Argo Blockchain To Raise $57.5M Via Senior Notes Offering Griid will list on the New York Stock Exchange under the ticker symbol “GRDI” after both parties close the merger, expected by the first quarter of next year. That is, subject to conditions including regulatory approvals and approval of Adit EdTech’s stockholders. Subsequently, the bitcoin mining company will receive about $246 million in cash from Adit EdTech. Another Bitcoin Mining Company Goes Public The SPAC deal comes just after Griid secured a $525 million credit facility from Blockchain.com. According to an investor presentation that Adit EdTech published recently, Griid expects to mine 637 BTC this year. By 2024, the company forecasts up to 24,348 BTC per year. Speaking on the merger, Trey Kelly, founder and CEO of Griid, said, “We are building an American infrastructure company with the largest pipeline of commi...