Another bitcoin miner has gone public in the US

Cincinnati-based GRIID Infrastructure made its debut on the Nasdaq Monday after publicly listing in Canada earlier this month


Bitcoin mining company GRIID Infrastructure was set to begin trading in the US market Monday after going public in Canada earlier this month.

The Cincinnati-based firm has a mining facility in New York, as well as three in Tennessee. It made its public markets debut on Cboe Canada on Jan. 2.

GRIID Chief Strategy Officer Harry Sudock said at the time that the company was working to list in the US as well. Now, the company said Monday it was slated to start trading on Nasdaq after merging with special purpose acquisition company (SPAC) Adit EdTech.

The stock was trading around $7 at 11 am ET Monday, according to Google Finance data — down about 28% from its opening price.

Read more: Bitcoin halving expected to hit on 4/20

“In the short term, we are focused on growing our capacity and increasing our hash rate,” Sudock told Blockworks earlier this month. “Ultimately, our goal is to continue expanding our power pipeline and leveraging operational excellence to be a leader in both bitcoin mining and energy innovation.”

Founded in 2018, GRIID began operating bitcoin mining facilities the following year. It had 20,623 bitcoin mining machines installed as of Sept. 30, according to a Jan. 9 regulatory filing — giving it a total hash rate of 447 peta hashes per second (PH/s).

The company’s facilities use roughly 67% carbon-free power, it notes — a level GRIID expects to increase to 90% by the end of 2024. Its revenues in the third quarter of 2023 were $2.6 million, bringing its total revenue in last year’s first three quarters to $8 million.

GRIID CEO Trey Kelly said in a statement that the Nasdaq listing “will enhance our visibility, liquidity and broaden our investor base.”

The company’s newest public listing comes after GRIID secured a $525 million credit facility from in 2021 and subsequently planned to list on the New York Stock Exchange — a move that never came to fruition.

The listing on Nasdaq also takes place before the upcoming bitcoin halving, slated for April. The event marks a reduction of per-block rewards for mining bitcoin from 6.25 BTC to 3.125 BTC.

Read more: Bitcoin price tracking ahead of the past 2 halvings — now 3 months to go

Dan Weiskopf, co-portfolio manager of the Amplify Transformational Data Sharing ETF (BLOK), said that capital markets access is critical to growth heading into the halving.  

In addition to top crypto holdings such as MicroStrategy and Coinbase, BLOK invests in bitcoin miners Marathon Digital, Riot Platforms, Cleanspark and others. 

“We believe that companies in the private market are going to be at a disadvantage, so GRIID’s decision to become public makes sense,” Weiskopf told Blockworks. “For now the information available remains thin, so we are going to be watching on the sidelines as monthly and quarterly data is provided that builds the investor case.” 

How new, established public mining stocks are doing

GRIID’s listing comes about nine months after bitcoin miner Bitdeer began trading on Nasdaq last April via a (SPAC) merger with Blue Safari Group Acquisition Corp. 

Read more: As SPAC IPOs have grown scarce, Bitdeer’s success bucks a trend

Bitdeer’s stock price is down about 7% so far in 2024 — a trend seen around the mining space. 

The stock prices of larger competitors Marathon Digital and Riot Platforms were down about 19% and 25%, respectively, year to date, as of Monday morning. 

Core Scientific saw its price plummet when re-listed on the Nasdaq following its exit from bankruptcy. 

Hut 8, which merged with US Bitcoin Corp. in November, has seen its stock price decline by about 31% so far in 2024. Rivals Cleanspark and Bitfarms have seen dips amounting to about 20% and 12%, respectively. 

Compass Point Research analysts said in a Jan. 19 research note that the decline in hash price from $0.12 to about $0.09 earlier this month contributed to the miner stock sell-off.

“We expect continued volatility and potential weakness as investors price in further hash price declines as a result of the halving that is expected in mid-April, which we think will provide good buying opportunities,” analysts Chase White and Joe Flynn wrote at the time.

Bitcoin (BTC) is down about 3.5% year to date, as the asset’s price has steadily declined following an initial surge after spot bitcoin ETFs began trading on Jan. 11. 

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Unlocked by Template.png


With the spot ETH ETF approval, the institutions are coming. stETH - given its dominance in marketshare, existing liquid market structures, and highly desirable properties - is poised for institutions.


The distributed cell plan provider started selling its own hotspots in October 2023


The Brazil-based asset manager’s filing comes during a year of milestone bitcoin and ether fund approvals


The purchase of five sites in Georgia set to help CleanSpark hit its mid-year operating hash rate target of 20 EH/s


Plus, it’s beginning to look like we may be in for a cruel summer



Engaging with XDC provides access to cutting-edge financial tools and places investors at the forefront of the trade finance revolution


Plus, an update on spot ETH ETFs and what’s on this week’s economic calendar