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Bitcoin Mining Firm GRIID Debuts on Nasdaq

Last updated:

January 29, 2024

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Today, Bitcoin mining company GRIID commenced trading on the Nasdaq stock exchange.

In a January 29 press release, the company announced it would begin trading under the ticker symbol ‘GRDI’.

“Today marks a significant milestone for GRIID as we begin to trade in the U.S. market,” GRIID CEO Trey Kelly said in a statement. “We believe that our listing on Nasdaq will enhance our visibility, and liquidity, and broaden our investor base as we continue to strengthen our market position and reinforce our commitment to delivering shareholder value.”

$GRDI @griid will begin trading on the #Nasdaq today – way to go! Now it is time to expand/grow this operation. Congratulations @griid @harry_sudock @treykelly3. #Bitcoin #BTC pic.twitter.com/tTrLW0mwEq

— Dr.DeFi (@DrDeFiHoldings) January 29, 2024

GRDI is currently trading at $6.10, according to Google Finance.

Expanding Bitcoin Mining Operations

In 2021, GRIID successfully secured a $525 million credit facility from Blockchain.com. The company had initially planned to pursue a listing on the New York Stock Exchange, but the move did not materialize.

GRIID has now joined the ranks of other Bitcoin mining companies, such as Riot Platforms and Marathon Digital, by being listed on the Nasdaq.

Headquartered in Cincinnati, the mining firm has been involved in Bitcoin mining operations since 2019, with a focus on securing cost-effective and environmentally responsible power. The company presently manages four Bitcoin mining facilities in Watertown, New York, and Limestone, Maynardville, and Lenoir City, Tennessee.

A New Dawn for GRIID Infrastructure Inc.

After merging with Adit EdTech Acquisition Corp in December 2023, GRIID was initially listed on Cboe Canada. The move led to the combined company being renamed GRIID Infrastructure Inc. David Shrier, former CEO of Adit EdTech, joined GRIID’s Board of Directors.

As of September 30, GRIID had 20,623 Bitcoin mining machines installed according to a regulatory filing on January 9. This installation provided the company with a total hash rate of 447 peta hashes per second.

Approximately 67% of the power used in the company’s facilities is carbon-free—a figure GRIID seeks to elevate to 90% by the conclusion of 2024. In the third quarter of 2023, the company reported revenues of $2.6 million, contributing to a total revenue of $8 million for the first three quarters of the previous year.