It adds to a prior agreement in which Riot bought 33,280 miners from MicroBT. The term sheet was also updated, allowing Riot to buy another 265,000 miners in the future.
Stablecoin issuer Circle weighing up 2024 public launch: Report
Circle initially agreed to go public as part of a $4.5 billion merger in July 2021 but that deal fizzled out.
Hut 8 receives green light from Canadian Supreme Court for USBTC merger
The Supreme Court of British Columbia has given Hut 8 final clearance to complete a proposed merger with USBTC.
Hut 8 merger would’ve happened even without FTX or crypto turmoil, says CEO
Falling crypto prices have forced many crypto miners to cut costs or consolidate in order to survive the crypto winter.
Circle denies blaming SEC for shuttered $9B plan to go public
A Jan. 25 report from the Financial Times which was widely shared characterized Circle as having “blamed” the SEC for its “jettisoned” public listing plan.
Crypto exchange WonderFi confirms merger talks with Coinsquare
The exchanges are yet to finalize a potential merger, with WonderFi releasing a public statement in response to market speculation and a surging share price.
Blockchain fintech GammaRey signs $320M merger agreement
GammaRey said it has nearly $800 million in consumer assets.
Superhero cans merger with Swyftx citing regulatory scrutiny
Superhero assured its users that their funds are safe and that neither their personal data nor assets were provided to Swyftx.
Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth
The firm’s revenue increased by 25.25% to $497.2 million in the first nine months of 2022.
Ripple to consider deals for FTX assets: Brad Garlinghouse
Brad Garlinghouse, CEO of Ripple, said the company would be interested in companies owned by FTX that serve business customers.
Further BTC mining consolidation as Crusoe acquires peer mining firm
Crusoe Energy Systems has just acquired the operating assets of Great American Mining, a sign that further consolidation could be ahead.
Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero
Speaking to Cointelegraph on Wednesday, Swyftx co-CEO Ryan Parsons revealed that its long-term plans are to explore ways to offer trading between traditional and crypto asset classes.
Bitcoin mining company PrimeBlock to go public via $1.25B SPAC merger
The company forecasts it will generate up to $98 million in annual revenue.
Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal
Griid, an Ohio-based Bitcoin self-mining company, is the latest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public by merging with Adit EdTech Acquisition Corp at a $3.3 billion enterprise valuation.
Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the United States Securities and Exchange Commission (SEC) Tuesday. The sole purpose of a SPAC is to acquire a private company and make it go public. It is also called a blank check company.
Related Reading | Bitcoin Mining Firm Argo Blockchain To Raise $57.5M Via Senior Notes Offering
Griid will list on the New York Stock Exchange under the ticker symbol “GRDI” after both parties close the merger, expected by the first quarter of next year. That is, subject to conditions including regulatory approvals and approval of Adit EdTech’s stockholders. Subsequently, the bitcoin mining company will receive about $246 million in cash from Adit EdTech.
Another Bitcoin Mining Company Goes Public
The SPAC deal comes just after Griid secured a $525 million credit facility from Blockchain.com.
According to an investor presentation that Adit EdTech published recently, Griid expects to mine 637 BTC this year. By 2024, the company forecasts up to 24,348 BTC per year.
Speaking on the merger, Trey Kelly, founder and CEO of Griid, said, “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. 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.”
CEO of Adit EdTech David Shrier also emphasized the importance of Carbon-free Bitcoin mining. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”
BTC trading at $56.9K | Source: BTCUSD on TradingView.com
There has been a high rate of both individual and institutional Bitcoin adoption this year. Consequently, mining companies all over the world are going public via SPACs or traditional initial public offerings (IPOs). Last month, Australian Bitcoin miner Iris Energy filed to raise $100 million via a direct listing in the U.S.
Earlier this month, a Singapore-based cryptocurrency miner Bitdeer Technologies announced its plan to list in the U.S. via a $4 billion deal with SPAC Blue Safari Group Acquisition Corp.
Mining In The U.S.
The U.S. has become the number one destination for bitcoin miners, thanks to China’s ongoing crackdown.
About a year ago, China was the market leader in terms of hash rate. However, the crypto crackdown changed that story almost overnight.
Majority of the miners that fled China relocated to America in what was dubbed “the great mining migration.”
Related Reading | Bitcoin Mining In The U.S.: 4 States Attract The Most Miners
This migration resulted in the U.S. becoming a global mining hub. And with the mining machine preorders and hash rate projections for 2022, this will not change anytime soon.
Featured image by Reuters, Chart from TradingView.com
$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal
The company projects it can mine up to 25,000 BTC per year by 2024.
Bitcoin miner Greenidge set for Nasdaq listing through merger
The merger is expected to push through as of market close on Sept. 14, with Greenidge slated to begin trading on the NASDAQ the following day.
Inverse Finance acquires Tonic Finance in possible first-ever DeFi protocol merger
Will Inverse set a precedent for protocols acquiring protocols?
Crypto Exchange Bakkt Nears Merger With Victory Park SPAC: Bloomberg
A deal could be announced as soon as next week, the report said.
SoFi to Go Public Through SPAC Merger at $8.6B Valuation
The online lending platform agreed to merge with Social Capital Hedosophia Holdings Corp V IPOE.N.
Yearning for Pickle? Two DeFi Protocols Merge
Pickle Finance was recently hit by an exploit in which $19.7 million in DAI was lost.