Griid Infrastructure Plans NYSE Listing Through Adit EdTech Acquisition

Ohio-based self-mining company plans to have 734 megawatts of operational power by 2023.


Source: Shutterstock


key takeaways

key takeaways

  • 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 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. 

Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


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   Grow your network […]

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



Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.


Public mining companies have committed about $750 million to buy machines in the last couple months, BlocksBridge Consulting data shows



Whether real estate, diamonds or energy, crypto has an abundance of opportunities ahead of it through RWA tokenization


Block’s self-custody bitcoin wallet uses three keys to secure bitcoin


Montenegro plans to extradite Do Kwon to the US over South Korea, the Wall Street Journal reports


In the rare cases when fraud is punished — like the Sam Bankman-Fried trial — we should feel no guilt for doing so to the full extent


A new Reuters report claims that applicants and the SEC continue to work out spot bitcoin ETF details