Currencies

Bitcoin miner Griid Infrastructure to go public via $3.3 bln SPAC deal

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Representation of cryptocurrency Bitcoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration

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Nov 30 (Reuters) - Bitcoin miner Griid Infrastructure said on Tuesday it would go public by merging with blank-check firm Adit EdTech Acquisition Corp (ADEX.N) in a deal valuing the combined company at about $3.3 billion, including debt.

Ohio-based Griid, the latest bitcoin mining startup to take the blank-check route, will receive $246 million in cash from Adit EdTech's trust account after the deal closes.

A surge in digital currencies this year and increasing backing from major companies have propelled startups in the sector to sky-high valuations in recent months, even as the industry faces scrutiny from regulators.

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Earlier this month, cryptocurrency miner Bitdeer Technologies agreed to merge with special-purpose acquisition company (SPAC) Blue Safari Group Acquisition (BSGA.O) in a deal valued at $4 billion. read more

That deal followed another cryptocurrency miner Core Scientific Holding Co's announcement in July of a merger with a SPAC backed by BlackRock Inc (BLK.N).

A SPAC is a listed firm with no business operations but a pool of capital that it uses to merge with a private company. The deal then takes the private company public.

Griid Infrastructure will list on the New York Stock Exchange under the new ticker symbol "GRDI".

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Reporting by Mehnaz Yasmin and Radhika Anilkumar in Bengaluru; Editing by Aditya Soni

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