Bitcoin Miner GRIID Shares Extend Drop After Nasdaq Listing

Shares
of
bitcoin
mining
company
GRIID
Infrastructure
(GRDI)
extended
their
drop
into
the
second
day
after
the
Cincinnati,
Ohio-based
firm
completed
its
listing
on
Nasdaq
this
week
following
its
merger
with
a

special
purpose
acquisition
company
(SPAC)
Adit
EdTech
Acquisition
Corp.

Shortly
after
its

Nasdaq
debut
on
Monday,
GRIID
shares
were
trading
at
around
$7.30,
down
around
24%
against
its
opening
price
of
$9.66.
GRDI
closed
the
day
down
43%
or
$5.47
per
share.
On
Tuesday,
the
stock
fell
as
much
as
17%
before
paring
its
earlier
losses.
GRDI
was
down
about
3%
at
the
time
of
writing.

The
listing
comes
after
the
company
first

announced
its
intention
to
go
public
during
the
bull
market
of
2021
when
the
combined
enterprise
value
of
the
two
companies
was
$3.3
billion.
The
miners,
considered
a
proxy
for
bitcoin
as
their
revenue
is
mainly
based
on
the
digital
currency
they
mine,
were
hit
particularly
hard
during
the
recent
crypto
winter.
GRIID
delayed
its
public
listing
during
the
bear
market
and
was
finally
able
to
go
public
this
year
as
the
digital
assets
industry
came
out
of
the
bear
market.

The
company’s
current
market
cap
is
around
$322
million,
based
on

65
million
shares
outstanding
as
of
Dec.
29.

GRIID,
founded
in
2018,
has
gone
public
when
the
mining
industry
is
about
to
become
even
more
competitive
as
the
bitcoin

halving
event
is
set
to
take
place
in
April.
Miners
are
expanding
and
upgrading
their
fleets
to
become
most
efficient
as
companies
with
the
lowest
cost
can
stay
profitable
when
halving
cuts
the
mining
rewards
by
half.

The
company
has
68
megawatts
(MW)
of
electrical
capacity
and
operates
in
Watertown,
New
York;
Limestone,
Maynardville
and
Lenoir
City,
Tennessee
mining
facilities.
According
to
its
latest
filing,
GRIID
expects
to
expand
its
capacity
to
436MW
by
the
end
of
2024.

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