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

share

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 Blockchain.com 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. 


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

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

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space

article-image

Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?

article-image

Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month

article-image

It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet

article-image

Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend

article-image

Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million