BTC Mining Company Ready to List on NYSE Under A $ 3.3 billion Merger Agreement

Ohio-based BTC Miner Griid is the newest miner to be listed on the New York Stock Exchange and will go public through the merger with Adit EdTech Acquisition Corp, with an enterprise value of $ 3.3 billion, as we do in the can see more of today’s bitcoin news.

Adit EdTech is a special-purpose acquisition company that has announced in a filing with the US SEC a merger for the sole purpose of SPAC to acquire and publicly list a private company, also known as a blank check company. BTC mining company Griid will be listed on the New York Stock Exchange under the symbol GRDI when both parties complete their merger in the first quarter of the year. This is subject to conditions, including regulatory approval and approval by Adi EdTech shareholders, such that the miner will receive approximately $ 246 million in cash from Adit EdTech. The SPAC deal comes after Griid secured a $ 525 million line of credit from Blockchain.com

According to an investor presentation reported by Adit EdTech, Griid is expected to mine 637 BTC, so the company is forecasting up to 24,348 BTC per year by 2024. Trey Kelly as founder and CEO of Griid said:

“We are building an American infrastructure company with the largest dedicated carbon-free energy supply among public Bitcoin miners with the lowest production costs. Our team has a proven track record of successfully executing the company over the past three years since the company was founded and we look forward to expanding our capabilities through this transaction. ”

David Shrier, CEO of Adit EdTech, outlined the importance of carbon-free BTC mining, saying:

“GRIID’s combination of a low-cost, low-carbon large-scale power system, exceptional access to next-generation ASICs, and positioning as a leader for profitability and attractive growth.”

There has been a high level of institutional and individual BTC adoption this year, so miners around the world will go public via SPACs or traditional IPOs. United States. Singapore-based cryptocurrency miner Bitdeer Systems has announced plans to enter the US through a $ 4 billion deal with SPAC blue Safari Team Acquisition Corp. The U.S. has become the perfect destination for BTC miners thanks to China’s persistent crackdown. About a year ago, China led the hash rate with a crypto crackdown that changed history overnight. Most of the miners have fled China and moved to the United States in what is considered to be the largest mining exodus.

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page