- Ohio-based self-mining company plans to have 734 megawatts of operational power by 2023
- Merged businesses expected to be listed on the New York Stock Exchange under the ticker GRDI
Adit EdTech Acquisition Corp, a special purpose acquisition company (SPAC), is set to acquire bitcoin self-miner Griid Holdco, the companies revealed Tuesday.
The planned transaction values the combined company, including debt. The mining company will receive $246 million in cash from Adit EdTech’s trust account after the deal is finalized and anticipates its fiscal year 2023 revenue to hit $1.6 billion, it said.
Griid Holdco is the parent company of Cincinnati, Ohio-based Griid Infrastructure (GRIID), a bitcoin-focused self-mining company. Adit EdTech is a publicly listed SPAC focused on mergers, asset acquisition and reorganization. It is sponsored by its affiliate Adit Ventures, an investment adviser firm.
GRIID and Adit EdTech did not immediately return Blockworks’ request for comment.
GRIID secured a $525 million credit facility from Blockchain.com last week to help it scale its capabilities, bring on additional mining capacities and build upon its available power.
“GRIID’s focus on utilizing next-generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure,” Eric Munson, Adit’s founder and managing partner, said in a statement.
GRIID owns and operates carbon-free energy infrastructure and bitcoin mining facilities across the US. It has about 1,300 megawatts (MW) of power, the company reported, and plans to have 734 MW of that power operational by 2023.
“There are a couple other SPACs that have announced deals with bitcoin miners and the deals haven’t closed yet, so this will be like a third one, which may be more than people really want,” Blockworks’ Market Strategist Byron Gilliam said. “But I think it’s good to have as many listed options as possible because lots of asset managers can’t buy crypto directly, so the more listed options you have the better.”
Crypto mining platform Bitdeer went public earlier this month through a $4 billion SPAC merger with blank-check firm Blue Safari Group Acquisition Corp. That deal came after crypto mining company Core Scientific announced its merger with a SPAC backed by BlackRock in July.
Upon closing the proposed acquisition, GRIID and Adit EdTech are expected to operate as Griid Infrastructure Inc. and be listed on the New York Stock Exchange under the ticker GRDI.
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