Bitcoin miner GRIID debuts on Nasdaq under 'GRDI' ticker

cyptouser5 months agoCryptocurrencies News173

Bitcoin miner GRIID will begin trading its common stock under the “GRDI ” ticker on the Nasdaq stock exchange today, Jan. 29.

The Ohio-based miner stated that its Nasdaq listing presents an ideal stage to continue demonstrating its leadership and innovation in the mining sector to a broader audience.

GRIID CEO Trey Kelly expressed delight at the milestone, adding that the listing “will enhance our visibility, liquidity, and broaden our investor base as we continue to strengthen our market position and reinforce our commitment to delivering shareholder value.”

“Since launching in 2018, it has been our mission to leverage low-cost, low-carbon energy to better integrate power markets with bitcoin mining…We see tremendous opportunity as we build our company at the intersection of energy and money,” Kelly added.

Per a Jan. 9 filing with the U.S. Securities and Exchange Commission (SEC), GRIID had successfully mined 251 BTC during a nine-month period that concluded in September 2023. The filing further disclosed the firm’s average hash rate of 335 PH/s for the same duration.

This update followed GRIID’s merger with Adit EdTech, facilitated by a Special Purpose Acquisition Company (SPAC). The merger, finalized last year, marked the culmination of a nearly two-year journey since the initial business combination proposal. The entities were valued at approximately $625 million.

Following the merger’s completion, GRIID was listed on Cboe Canada under the same ticker. It will continue trading on this platform, the statement clarified.

GRIID was founded in 2018 and has operated a BTC mining facility since 2019. The firm said it has secured affordable, reliable, environmentally responsible power, providing its self-mining business model with significant growth opportunities. The company operates four U.S. mining facilities in Watertown, New York; Limestone, Maynardville, and Lenoir City, Tennessee.

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