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Bitcoin miner Griid to go public through SPAC

By Monte Stewart


Bitcoin being mined
The merger will give Griid a pro forma enterprise value of $3.3bn - Photo: Shutterstock

US bitcoin miner Griid plans to go public through a merger with a blank cheque company.

Cincinnati, Ohio-based Griid plans to merge with New York-based Adit EdTech Acquisition in a transaction that is expected to generate $246m in net proceeds, the companies announced in a news release.

A blank cheque firm, also known as a special purpose acquisition company (SPAC), exists solely for the purpose of taking another entity public through a merger, acquisition or other transaction vehicle. A SPAC goes public first and then targets another company.

Adit’s stock price was down marginally in New York on Thursday.

Listing on NYSE

Griid plans to list on the New York Stock Exchange under the symbol GRDI. The merger will give Griid a pro forma enterprise value of $3.3bn, the companies said.

Griid owns and operates electrical and bitcoin mining facilities in the US. Griid said it supports the growth of carbon-free energy generation by procuring low-cost energy to build, manage and operate its portfolio of vertically integrated bitcoin mining facilities.


3,507.09 Price
-0.600% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


67,075.65 Price
-0.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


0.60 Price
-0.480% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


173.75 Price
-0.590% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

“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,” Griid CEO Trey Kelly said in the news release. “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”.

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Capacity of 734 megawatts

The company plans to have three facilities with a mining capacity of 734 megawatts operational by 2023. The power cost is anticipated to be less than $25 per megawatt.

“Carbon-free mining is the future of bitcoin,” Adit CEO David Shrier said in the release. “Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation (bitcoin ) and market-leading execution position them to generate attractive profitability and growth”.

Griid’s facilities will have a breakeven bitcoin production cost “materially below its peers” and a cost of scaled bitcoin production below $6,225 per bitcoin, the companies said.

Stronghold Digital Mining, which also develops electrical facilities, became the first public bitcoin miner in October 2021.

Read More: Bitcoin miner who almost died of cancer cherishes success

Markets in this article

Bitcoin / USD
67075.65 USD
-358.15 -0.530%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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