A profitable Bitcoin (CRYPTO: BTC) mining company is going public with a SPAC deal announced Tuesday morning.
The deal values Griid at an enterprise value of $3.3 billion. Public ADEX shareholders will own 9% of the combined company.
After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. The merger is expected to close in the first quarter of 2022.
About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities.
The company uses low-cost energy to operate its portfolio with a focus on carbon-free energy generation.
“Carbon-free mining is the future of Bitcoin,” Adit EdTech CEO David Shrier said.
Growth Ahead: Transaction proceeds from going public are expected to help fund the company’s growth plans.
Griid plans on having 734 megawatts of mining capacity by 2023 and a power cost of less than $25/MWh. The company is projecting 2023 revenue of $1.6 billion.
Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers.
“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,” Griid CEO Trey Kelly said.
ADEX Price Action: ADEX shares were up 1.22% at $9.97 late Tuesday morning.