Bitcoin mining firm Griid set to go public via $3.3 billion SPAC deal

Bitcoin mining firm Griid is preparing to become the latest company in the crypto market to go public, the Ohio-based firm announced Tuesday. 

Following in the footsteps of crypto firms like exchange-operator Bullish and crypto miner Core Scientific, Griid will list shares on the New York Stock Exchange under the ticker GRDI through an acquisition by blank-check firm Adit EdTech Acquisition Corp. Bloomberg first reported talks of the deal last week. 

"We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production," CEO Trey Kelly said in a statement. "Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction."

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The deal would value the company at $3.3 billion, including debt. The deal would also provide Griid with a cash infusion topping $240 million. In a SPAC deal, an acquiring company — formed with the purpose of acquiring a private firm — brings a private firm public. 

Griid's SPAC is expected to close in the first quarter of 2022. News of the SPAC deal follows headlines that Griid secured a $525 million credit facility from Blockchain.com. 

As per a press release, the credit line would help add "additional mining capacity."

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].