Coinspeaker
Bitcoin Miner GRIID Goes Public with Nasdaq Listing
GRIID Infrastructure, a Bitcoin (BTC) mining firm, has become the latest crypto company to go public in the United States with a listing on the Nasdaq global stock exchange.
The Cincinnati-based firm announced on January 29, 2024, that its stock is now available on Nasdaq under the ticker symbol “GRDI”.
GRIID Goes Public in the United States
The move comes after a successful merger with special purpose acquisition (SPAC) company Adit EdTech Acquisition Corp, marking a significant milestone for the firm.
GRIID initially proposed the SPAC deal in November 2021 and has now finalized the process on January 2, 2024. That same day, the company secured a spot on the Cboe Canada exchange to list its stock under the ticker GRDI.
The company’s chief strategy officer, Harry Sudock, said at the time that GRIID was working towards a US listing and had now successfully achieved its goal with a debut on Nasdaq.
“Today marks a significant milestone for GRIID as we begin to trade in the US market,” said GRIID’s CEO, Trey Kelly.
Kelly believes the listing will boost the company’s visibility, and liquidity as well as broaden its investor base. The move aligns with the company’s commitment to delivering shareholder value.
Bolster Global Standing
GRIID’s public debut in Canada earlier this month showcased its determination to expand its presence beyond borders. As it begins trading on Nasdaq, the company aims to capitalize on the global market.
“Entering the public markets represents a significant milestone for GRIID, and we are excited to execute on the opportunities in front of us. We are focused on growing our capacity and increasing our hash rate,” said the company’s CEO.
GRIID has joined a growing list of bitcoin mining firms going public in the US market – companies such as Riot Platforms and Marathon Digital are already trading on the Nasdaq stock exchange. However, the recent listing is expected to bolster GRIID’s global standing and attract a diverse range of investors.
Just the Beginning
Despite some fluctuations in its initial trading on the stock exchange, the company maintains a forward-looking approach, with the CEO noting that the listing is just the beginning for the firm.
The company, founded in 2018, focuses on bitcoin mining operations, emphasizing obtaining reasonably priced, dependable, and environmentally friendly electricity. The firm currently operates four mining facilities across the United States in locations such as Texas, Tennessee, and New York.
As of September 2023, the firm had installed 20,623 Bitcoin mining machines, contributing to a total hash rate of 447 peta hashes per second (PH/s).
Furthermore, the BTC mining company said it is committed to sustainability, with approximately 67% of its facilities powered by carbon-free energy. The company aims to increase this figure to 90% by the end of 2024, aligning with broader environmental goals.
