Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). We currently mine Ethereum, Ethereum Classic and Bitcoin. expressions. stockholders. release and investor presentation. The actual results or developments anticipated may not be realized or, even if Adit Ventures is an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of energy infrastructure and bitcoin mining facilities across the United States. the transaction may not be completed by Adit EdTechs business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii)the failure to satisfy the Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Trey Kelly, CEO of GRIID, said, We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. The $246 million of anticipated net transaction proceeds, assuming no redemptions, and an existing $525 million credit facility will be used to fund GRIID's growth and accelerate scale. Market Data powered by QuoteMedia. Additional Information and Where to Find It. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Adit EdTech, GRIID or the combined company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. GRIID's combination of a large pipeline of low-cost, carbon-free power, distinctive access to next generation ASICs, and market-leading execution position them to generate attractive profitability and growth. Griid plans on having a breakeven. solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. These forward looking statements speak only as of the date of this press release. Terms of Use. This communication may Download a PDF copy of our corporate presentation. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. This press Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW). 2023 Benzinga.com. Proof-of-stake is an alternative method of fulfilling the same function as proof-of-work mining the validation of cryptocurrency transactions by having parties deposit, or stake, amounts of cryptocurrency into a smart contract. Additional information about the proposed transaction, including a copy of the agreement, an investor presentation, and plan of merger, No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3billion, assuming no The transformation of value in the digital age. . TSX.V: HIVE . CoinDesk journalists are not allowed to purchase stock outright in DCG. The foregoing list of factors is not exhaustive. Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia. projections, (xii)changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii)the ability to implement business plans, forecasts, and other expectations after ", Eric Munson, Adit's founder and Managing Partner, said, "GRIID's focus on utilizing next generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure.". Adit EdTech intends to file a proxy statement with the SEC. Adit EdTech intends to file a proxy statement with the SEC. Troutman Pepper Hamilton Sanders LLP acted as legal advisor to GRIID. What financial advisors need to know about crypto. private firms that the principals believe are driving todays market and shaping tomorrows economy. This is significantly different from HIVE, which directly operates its facilities and is itself a business operator. Please review the disclaimers carefully and other important information found in the press instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix)the ability to maintain the listing of Adit EdTechs securities on a national securities exchange, (x)the price of Adit Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. Bitcoin mining startup GRIID has inked a deal with the world's largest chipmaker, Intel, to mine Bitcoin using energy-efficient methods, FOX Business has learned. This press release relates to a proposed transaction between Adit EdTech and GRIID. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. The company is projecting 2023 revenue of $1.6 billion. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Adit EdTech's securities, (ii) the risk that the transaction may not be completed by Adit EdTech's business combination deadline and the risk that Adit EdTech may not obtain an extension of the business combination deadline if sought by Adit EdTech, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the merger agreement by the stockholders of Adit EdTech and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement, (vi) the effect of the announcement or pendency of the transaction on GRIID's business relationships, operating results, and business generally and on Adit EdTech's stock price, (vii) risks that the proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii) the outcome of any legal proceedings that may be instituted against GRIID or against Adit EdTech related to the merger agreement or the proposed transaction, (ix) the ability to maintain the listing of Adit EdTech's securities on a national securities exchange, (x) the price of Adit EdTech's securities, which may be volatile due to a variety of factors, including changes in the competitive and regulated] industries in which Adit EdTech plans to operate or GRIID operates, variations in operating performance across competitors, changes in laws and regulations affecting Adit EdTech's or GRIID's business, and changes in the combined capital structure (xi) GRIID's inability to implement its business plan or meet or exceed its financial projections, (xii) changes in general economic conditions, including as a result of the COVID-19 pandemic, and (xiii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. Covington & Burling LLP acted as legal advisor to Adit EdTech. This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of GRIID, the combined company or Adit EdTech, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. Covington& Burling LLP acted as legal advisor to Adit EdTech. GRIID, an American infrastructure company, is a vertically integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining Merging with blank-check companies has become a popular strategy for bitcoin miners seeking to go public, and Griid is the latest to jump on that bandwagon. Intel's second-generation miner, dubbed the Bonanza Miner 2, is the second most efficient on the market, according to an investor presentation filed in November by Griid Infrastructure, one of . Gillian Tan. Simply put, HIVE is a cryptocurrency mining firm. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. HIVE owns state-of-the-art green energy-powered data centrefacilities in Canada, Sweden and Iceland, which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Contact us. Public markets are a huge untapped opportunity to finance the growth of the blockchain sector and HIVE. Tesla CEO Elon Musk is scheduled to unveil the automaker's longterm plan at an investor day in Texas. the board of managers of GRIID Holdco. Our sponsor is an affiliate of Adit Ventures, LLC, or Adit, an investment adviser whose principals have combined investment experience of over 150 years and a track record of value creation in portfolio companies operating in the public markets. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. Adit EdTech Acquisition Corp. CEO and CIO of U.S. otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. To learn more, visit griid.com. other important disclosures are available in our 8K filing on SEC.gov, at: https://lnkd.in/ezMNCjtb, (This announcement relates to a proposed price, (vii)risks that the proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii)the outcome of any legal proceedings that may be These forward looking statements speak only as of the date of The foregoing list of factors is not exhaustive. Benzinga does not provide investment advice. This makes it more efficient than, The second-gen Intel miner doesn't beat out, It is unclear whether Intel will be selling exactly the same mining rigs to all of its customers. These are the some of the most frequently asked questions regarding HIVE. as amended (the Securities Act), and Section21E of the Securities Exchange Act of 1934, as amended. may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. The chip giant's entrance into the mining rig game is expected to break a supply side dominated by a few companies. We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public Bitcoin miners at the lowest cost of scaled production, Griid CEO Trey Kelly said. Pursuant to Rule 425 under the Securities Act of 1933. The actual results or developments anticipated TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. Being a first mover to list on a major public exchange was a key part of HIVEs strategy. Adit EdTech intends to file a Registration Statement on Form S-4 containing a proxy statement/prospectus with the Securities and Exchange Commission (the Griid Infrastructure LLC ("GRIID") is a profitable, vertically integrated bitcoin self-mining company with three US-based facilities and planned mining capacity of 734 megawatts (MW) operational by 2023 with a power cost of less than $25/MWh. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Adit EdTech through the website maintained by the SEC at www.sec.gov. stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. The deal values the combined. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on GRIID, Adit EdTech or their respective businesses or operations. Professional miner. The company is headquartered in Cincinnati, Ohio. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. proposed transaction disrupts current plans and operations of GRIID and potential difficulties in GRIID employee retention as a result of the transaction, (viii)the outcome of any legal proceedings that may be instituted against GRIID or By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Do Not Sell My Personal Data/Privacy Policy. Legal Name Griid Infrastructure LLC. These forward looking statements speak only as of the date of this press release. The foregoing list of factors is not exhaustive. Griid Infrastructure, which owns and operates bitcoin mining facilities, is to list on the New York Stock Exchange through a merger with Adit EdTech Acquisition Corp., a special . The deal values Griid at an enterprise value of $3.3 billion. Adit Ventures is an investment Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. Arthur D. Little LLC acted as advisor to Adit EdTech for technical Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public stockholders will own approximately 8% and Adit EdTechs sponsor will own approximately 2% of the outstanding shares of voting stock of the combined company at closing, respectively. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. 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