Bitcoin mining tech startup Griid Infrastructure is going public via a $3.3 billion SPAC deal
Griid Infrastructure, a bitcoin mining startup, announced today it is going public through a merger with a blank-check firm Adit EdTech Acquisition Corp in a deal that valued the combined company at about $3.3 billion, including debt.
According to the announcement, Griid will receive $246 million in cash from Adit EdTech’s trust account after the deal closes. Griid Infrastructure will list on the New York Stock Exchange under the new ticker symbol “GRDI.”
The Cincinnati, Ohio, Griid becomes the latest in a series of tech companies going public via special purpose acquisition company (SPAC) as investors poured billions of dollars into crypto startups due to a surge in digital currencies like bitcoin and ethereum.
Back in July, we wrote about Core Scientific after the crypto mining startup announced it was going public through a merger with Power & Digital Infrastructure Acquisition Corp in a SPAC deal that will value the company at about $4.3 billion.
Then this month, cryptocurrency miner Bitdeer Technologies agreed to merge with special-purpose acquisition company (SPAC) Blue Safari Group Acquisition in a deal valued at $4 billion. So far this year, there are SPAC 550 deals, according to data from the SPAC analytics firm, SPACAnalytics.com.
In a statement, GRIID CEO Trey Kelly said, “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.”
David Shrier, CEO of Adit EdTech, added, “Carbon-free mining is the future of bitcoin. GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”