Bitcoin mining company Griid Infrastructure plans to go public by merging with Adit EdTech Acquisition Corp. According to a press release, the deal would value the combined company at approximately $3.3 billion. After the deal closes, Griid will get $246 million in cash from Adit EdTech's trust account.
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GRIID CEO, Trey Kelly, says the company is building an infrastructure 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," Kelly added.
The deal is expected to close in the first quarter of 2022 as it is still a subject to customary closing conditions, including the receipt of regulatory approvals and approval of Adit EdTech’s stockholders. Once the deal is closed, current GRIID equity holders will own about 90%, Adit EdTech public stockholders will own about 8% and Adit EdTech’s sponsor will own get ~2% of the outstanding shares of voting stock of the combined company at closing, respectively.
Earlier this year, Circle, the company behind the USDC stablecoin, also announced plans to become public via a business combination with Concord Acquisition Corp. The deal between Circle and Concord is expected to close in Q4 2021 as it is still a subject to approval by shareholders of the both companies.
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