Bitcoin Miner Griid Plans to Go Public in $3.3 Billion SPAC Deal
(Bloomberg) -- Bitcoin miner Griid Infrastructure LLC said Tuesday it has agreed to go public through a merger with Adit Edtech Acquisition Corp. in a deal that values the combined company at about $3.3 billion, including debt.
Under the plan, Griid is expected to receive about $246 million in cash from Adit EdTech. Griid Infrastructure will be listed on the New York Stock Exchange under the ticker symbol “GRDI”. Bloomberg reported on the talks of the deal last week. Adit EdTech shares rose 1.1% to $9.96 as of 10:10 a.m. in New York.
Cincinnati-based Griid is the latest Bitcoin miner that plan to go public by merging with blank-check companies. Earlier this month, a Singapore-based Bitcoin mining company controlled by Chinese billionaire Jihan Wu, Bitdeer Technologies Holding Co., announced its plan to list in the U.S. by merging with Blue Safari Group Acquisition Corp. in an estimated $4 billion deal.
Griid’s founder and Chief Executive Officer Trey Kelly said the transaction would expand its capacity as the company builds a portfolio of U.S.-based Bitcoin mining facilities using cheap, carbon-free energy. The deal came shortly after Griid’s recent agreement to secure a $525 million facility from Blockchain.com.
Adit EdTech, led by Chairman Eric Munson and CEO David Shrier, raised $276 million in a January initial public offering. In August, the SPAC added industry advisers including Cristina Dolan, a computer scientist who founded several blockchain companies.
The transaction is expected to close in the first quarter next year, subject to conditions including the receipt of regulatory approvals and approval of Adit EdTech’s stockholders. Wells Fargo Securities LLC advised Adit EdTech.
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