Another Bitcoin Mining Firm Goes Public on Nasdaq
GRIID Infrastructure, a Cincinnati-based Bitcoin mining company, recently began trading on the US market after its Canadian debut.
Listing on Nasdaq via a merger with Adit EdTech, the stock opened at $7, marking a 28% decline. GRIID, operational since 2018, aims to expand its mining capacity and achieve leadership in bitcoin mining and energy innovation.
With 20,623 mining machines and a total hash rate of 447 PH/s, GRIID’s facilities use 67% carbon-free power, targeting 90% by 2024. Despite a planned NYSE listing, the company secured a $525 million credit facility in 2021. The Nasdaq move precedes the bitcoin halving in April, reducing mining rewards.
In the broader sector, GRIID’s listing follows Bitdeer’s Nasdaq debut in April, down 7% in 2024. Marathon Digital and Riot Platforms saw YTD declines of 19% and 25%.
READ MORE: Bitcoin’s Potential Rally: New Patterns Spark Analyst Interest
Core Scientific, Hut 8, Cleanspark, and Bitfarms experienced stock fluctuations. Analysts anticipate market volatility and weakness due to hash price declines and the upcoming halving.
Bitcoin (BTC) declined 3.5% YTD after an initial surge following spot bitcoin ETF trading on January 11.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
