Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion.
On Tuesday, the three-year-old startup launched by Miami University alum Trey Kelly confirmed plans to merge with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC. The confirmation comes roughly a week after Bloomberg first reported on the talks.
The deal values Griid at $3.3 billion, with the company set to bring in $1.6 billion in 2023 revenue.
The deal is expected to close in the first quarter of 2022. The company will trade on the New York Stock Exchange under the ticker "GRDI."
The company, which procures cheap, carbon-free energy to manage, build and operate U.S.-based bitcoin mining facilities, has more than 1,300 megawatts of available power from existing energy generation partners. The company said it has one of the largest and lowest-cost power pipelines in the industry.
David Shrier, CEO of Adit EdTech, said in a statement: “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.”
