Months-old plans for a Cincinnati bitcoin mining startup to go public appear to be on ice as the cryptocurrency industry continues to navigate turmoil.
Griid Infrastructure, launched in 2018 by a Miami University alum, announced plans in November to debut on the New York Stock Exchange after merging with Adit EdTech Acquisition Corp., a special purpose acquisition company, or SPAC.
The deal valued the three-year-old firm at $3.3 billion.
According to initial filings with the U.S. Securities & Exchange Commission, the merger carried an initial termination date of May 29, 2022, unless otherwise extended by the companies. That deadline came and went, but the firms never submitted additional filings stating whether it was extended. Filings state the deal could have been extended either 60 or 90 days.
Representatives from both Griid and New York-based Adit did not respond to requests for comment.
The uncertainty comes as the cryptocurrency industry faces severe headwinds, with many companies slated to go public through SPAC deals, like Griid, facing the brunt of those challenges. According to Forbes, only five of 14 deals between crypto firms and SPACs announced since 2019 have actually been completed.
Griid procures cheap, carbon-free energy to manage, build and operate U.S.-based bitcoin mining facilities. CEO Trey Kelly, a Cincinnati resident and 2010 Miami alum, launched the company after several startup stints. He co-founded Stampt, a mobile loyalty card startup acquired by Arizona-based Mobivity in 2012; and was an early employee at OpenDNS, an internet security startup acquired by Cisco Systems in 2015.
