A successful Bitcoin (CRYPTO: BTC) mining company will go public with a SPAC deal announced Tuesday morning.
PSPC: Grid Infrastructure announced a merger with Adit Edtech Acquisition Corp (NYSE: ADEX).
The deal is Grid in a $3. 3 billion business. ADEX’s public shareholders will own 9% of the combined company.
After the merger, the new company will have the name GRIID Infrastructure Inc and the ticker GRDI on the New York Stock Exchange, and the merger is expected to close in the first quarter of 2022.
The company uses cheap force to run its portfolio with carbon-free force generation.
“Carbon-free mining is Bitcoin’s long term,” said David Shrier, CEO of Adit EdTech.
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Future expansion: Proceeds from the IPO transaction are expected to fund the company’s expansion plans.
Grid plans to have an equilibrium Bitcoin production of $6,225 through 2023, which it says is lower than its peers.
“We’re building a U. S. infrastructure company. USA With the largest committed and carbon-free pipeline among public Bitcoin miners at the lowest level of large-scale production,” said Griid CEO Trey Kelly.
ADEX Price Action: ADEX shares rose 1. 22% to $9. 97 due Tuesday morning.