Tag: Griid

Aura FAT SPAC Pulls $115m in IPO, Planning to Merge Crypto Firm

by Blockchain News

Cayman Islands incorporated Special Purpose Acquisition Company (SPAC) Aura FAT Projects Acquisition Corp has announced its successful Initial Public Offering (IPO) on the Nasdaq Exchange where it raised $115 million. 

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As announced by the company, the public offering featured as many as 10,000,000 units given at $10.00 per unit. The IPO also saw the firm give out its Class A ordinary share and one redeemable warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. 

As a SPAC, Aura Fat is entitled to raise funds via this method, after which it can then complete a merger with any company within its line of focus.  Aura Fat said its approach to merge “will not be limited to a particular industry or geographic region, the company intends to focus its search on new emerging technology companies with an acute growth potential in Southeast Asia and Australasia in sectors such as the Web 3.0, blockchain, cryptocurrency, digital ledger, e-gaming, and other new financial technology and services sectors.”

A Growing Trend in the Blockchain Ecosystem

While SPAC mergers are not so common in the digital currency ecosystem nowadays as it is popular amongst Wall Street startups, a number of crypto-linked platforms have gone public through this means. One of the most prominent examples is the public debut of the Bakkt digital asset platform through a merger with VPC Impact Acquisition last year.

Additionally, startups like Core Scientific and Griid crypto mining firms have also gone public through mergers with different SPAC in July and December 2021 respectively.

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Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal

by NEWSBTC

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

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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.

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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.”

BTCUSD chart on TradingView.com

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

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BTC Mining Firm Griid to be Listed on NYSE, valued at $3.3B

by Blockchain News

Bitcoin mining company Griid announced that it will merge with Adit EdTech Acquisition Corp through a special purpose acquisition company (SPAC) to be listed on the New York Stock Exchange under the stock code “GRDI”.

After the merger, Griid which is headquartered in Cincinnati and focuses on providing vertical integration will be valued at as high as $3.3 billion.

According to the plan, Griid expects to receive approximately US$246 million in cash from Adit EdTech. The transaction is expected to be completed in the first quarter of next year.

Griid stated that the team has always built a portfolio of Bitcoin mining facilities by purchasing low-cost energy to support the growth of carbon-free energy generation.

Griid expects to mine 637 BTC this year, and the total hash rate of all miners are 187 petahash per second (PH/s). It also stated that it will put 734 megawatts of its 1,300 megawatts of electricity into operation in 2023 for large-scale bitcoin mining, and the cost will be reduced to $6,225 per bitcoin.

By 2024, the company expects to mine 24,348 BTC per year.

The CEO of GRIID Trey Kelly, said that:

“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.”

David Shrier, CEO of Adit EdTech added that:

“Carbon-free mining is the future of Bitcoin.”

In early November, Bitdeer Technologies Holding Co, a Singapore-based Bitcoin mining company controlled by the co-founder of Bitmain, Wu Jihan, announced plans to go public in the United States through a merger with Blue Safari Group Acquisition Corp, with an estimated transaction value of US$4 billion. 

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

by Cointelegraph

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 today is approximately 156,000 PH/s.

The firm also claimed that newly designed chips in its mining machines can surpass one of the best application-specific integrated circuit Bitcoin mining devices out there, the S19 Pro. Comparing its proprietary machine to the S19 Pro, Griid boasts that it is 15% more efficient, 50% cheaper, and results in 130% more gross profits per year. Currently, about 70% of the company’s Bitcoin mining operations are carbon-free.

Trey Kelly, CEO of GRIID, issued the following statement regarding the development:

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.

David Shrier, CEO of Adit EdTech, added:

Carbon-free mining is the future of bitcoin. 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.

Griid business metrics | Source: Company Investor Presentation