Bitcoin Miner Griid Infrastructure to Get Listed Through $3.30bln SPAC Deal
Griid Infrastructure, a bitcoin miner, announced on Tuesday that it will go public by combining with blank-check provider Adit EdTech Acquisition Corp (ADEX.N) in a transaction valued at around $3.3 billion, which include debt.
After the purchase complete, Griid, located in Ohio, will get $246 million in cash from Adit EdTech’s trust account. This year’s spike in digital currencies and more funding from large firms have spurred startups in the area to command high valuations in recent months, despite regulatory scrutiny.
Bitdeer Technologies consented earlier this month to combine with special-purpose acquisition company (SPAC) Blue Safari Group Acquisition (BSGA.O) in a $4 billion transaction. This agreement comes on the heels of another cryptocurrency miner, Core Scientific Holding Co, announcing a merger with a SPAC sponsored by BlackRock Inc. in July (BLK.N).
A SPAC is a publicly traded corporation that has no commercial activities but maintains a pool of funds for the purpose of merging with a private company. The transaction subsequently converts the private firm to a public corporation.
Griid Infrastructure will begin trading on the New York Stock Exchange under the newly created ticker symbol “GRDI.”