$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal

$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal
© Reuters.

In a filing with the United States Securities and Exchange Commission on Tuesday, special purpose acquisition company, or SPAC, Adit EdTech Acquisition Corp, announced it would merge with Cincinnati-based Bitcoin (BTC) miner Griid at a $3.3 billion enterprise valuation. SPACs are blank check companies created for the sole purpose of acquiring other firms. After the deal consummates, Griid will list on the New York Stock Exchange under the ticker symbol GRDI. The deal is expected to close by the first quarter of next year.

According to its investor presentation, Griid expects to mine 637 BTC this year with a total hash rate of 187 petahash per second (PH/s) from all miners combined. By 2024, the company projects it can mine 24,348 BTC per year, with its total hash rate surpassing 26,180 PH/s. In context, the total hash rate of the entire Bitcoin network as of Tu is approximately 156,000 PH/s.

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