a bitcoin mining company | building america's leading, vertically-integrated bitcoin mining company Adit EdTech also will file other documents regarding the proposed transaction with the SEC. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Australias Central Bank Taps Mastercard and Others to Test CBDC Use Cases, Bitcoin, Ether Settle Into a Range as Indicators Point Neutral, Digital Asset Investment Products AUM in February Reaches Highest Level Since May 2022, Crypto Bank Charter Firm Protego Trust Lays Off Most of Its Workforce: Source. investments that create positive change. Adit EdTech also will file other documents regarding the proposed transaction with the SEC. With its unique For investor inquiries regarding Adit EdTech and affiliates, please contact: John J. Except as required by law, neither GRIID nor Adit EdTech undertakes any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of A family-owned firm with over a century of combined financial experience, Adit Ventures is a team of professionals committed to investments that create positive change. stockholders. Date and time. The merger between GRIID and Adit EdTech Acquisition Corp. (ADEX) represents a pro forma combined No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. $525million credit facility will be used to fund GRIIDs growth and accelerate scale. Benzinga does not provide investment advice. View source version on GlobalBusinesswire.com: https://www.globenewswire.com/news-release/2021/11/30/2342749/0/en/Bitcoin-Self-Miner-Griid-Infrastructure-to-List-on-the-NYSE-Through-Merger-With-Adit-Edtech-Acquisition-Corp.html. Adit EdTechs CFO, Adit EdTech is a publicly listed special purpose acquisition company sponsored by an affiliate of Adit, formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. We refer you to the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020, and other filings made with the SEC and that are available on the SEC's website at www.sec.gov. Covington & Burling LLP acted as legal advisor to Adit EdTech. Upon completion of the proposed transaction. More information on how Adit is helping build a portfolio of private growth emerging market leaders can be found at www.AditVentures.com. No offer of securities shall be made except by means of a prospectus meeting the requirements of the A proxy statement will be sent to all Adit EdTech stockholders. Investors Capital Structure Reporting Presentation Filings FAQ. Days after an initial report, Griid Infrastructure has confirmed plans to go public, with the Cincinnati-based bitcoin mining startup valued at $3.3 billion. We refer you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of News and analysis for the professional investor. Its supply agreement with Griid includes design materials, which indicates that the miners' rigs could be tailor-made for or by the clients using Intel's mining chips. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Founded in 2018, GRIID Infrastructure is an American infrastructure company, is a vertically-integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. Lincoln International LLC acted as financial advisor to Adit EdTech to provide a fairness opinion. The proposed transaction has been unanimously approved by the board of directors of Adit EdTech and the board of managers of GRIID Holdco. The foregoing list of factors is not exhaustive. 86% of retail CFD accounts lose money, Bitcoin Miner Griid Infrastructure Lands SPAC Deal: What Investors Should Know, SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Adit EdTech Acquisition Corporation - ADEX, Registration on or use of this site constitutes acceptance of our. Adit EdTech Acquisition Corp. HIVE sells digital currencies that it has mined in order to pay for its ongoing expenses, including operating and maintenance costs. With its unique vertically integrated business model and power pipeline, GRIID is leading the global effort to support the Bitcoin network and carbon-free energy markets. To learn more, visit griid.com. 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. CEO Trey Kelly, will continue to lead the business. Read more: Intel Launches Crypto Mining Initiative; Argo, Block to Get First Chips This Year. A proxy statement will be sent to all Adit EdTech stockholders. programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. ", David Shrier, CEO of Adit EdTech, added, "Carbon-free mining is the future of bitcoin. The largest inputs to mining are electricity costs and hardware. Assuming no redemptions, current GRIID equity holders will own approximately 90%, Adit EdTech public 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. Related Link: 7 SPACs To Play The Rise Of Bitcoin, Cryptocurrency Stocks. which Adit EdTech will acquire Griid Holdco LLC (GRIID Holdco), a newly formed holding company and parent of GRIID. 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. other documents regarding the proposed transaction with the SEC. The actual results or developments anticipated There are two main categories of computing hardware used to mine: ASIC-based and GPU-based. Bitcoin miner Griid Infrastructure is in talks to go public through a merger with a special purpose acquisition company, according to people with knowledge of the matter. GRIID's existing management team, led by President and CEO Trey Kelly, will continue to lead the business. The proposed transaction values the combined company at an implied fully diluted pro forma enterprise value of approximately $3.3 billion, assuming no redemptions of shares of Adit EdTech by its public stockholders and approximately $125 million of debt outstanding as of the closing (which debt is drawn down under GRIID's $525 million secured credit facility with Blockchain.com). Do Not Sell My Personal Data/Privacy Policy. Please note all . 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. CoinDesk journalists are not allowed to purchase stock outright in DCG. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain 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. These forward looking statements Information regarding Adit EdTechs directors and executive officers is available in Adit EdTechs Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. The merger between GRIID and Adit EdTech Acquisition Corp. ("ADEX") represents a pro forma combined company enterprise value of approximately $3.3 billion. Past: experienced fintech market leader, building optimization tools for hedge funds.<br><br>Now: Energy infrastructure. The Company holds it digital currencies in cold storage solutions not connected to the internet. stockholders. This presentation includes certain statements that may constitute "forward-looking statements" within the meaning of the PrivateSecurities Litigation Reform Act of 1995. GRIID anticipates fiscal year 2023 revenue of $1.6 billion. Everyday HIVE earns new crypto coins which it can monetize for revenue and cash flow. These statements express a belief, expectation This communication may A GPU or graphics processing unit on the other hand, can mine many different types of cryptocurrencies and has the flexibility to switch between them. Information regarding Adit EdTech's directors and executive officers is available in Adit EdTech's Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on April 15, 2021. Earth Grid Virtual Investor Presentation Wednesday March 8th at Noon. After the merger, the new company will trade as GRIID Infrastructure Inc and the ticker GRDI on the NYSE. 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. the combined company is expected to operate under the name GRIID 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. 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 The chip is custom-built for this purpose only and has no flexibility to mine anything other than Bitcoin. Securities filings can be found on SEC EDGAR at www.sec.gov), Additional Information and Where to Find It. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. Contact us. These forward looking statements speak only as of the date of this press release. Adit EdTech industry advisors Cristina Dolan and Eva Kaili have notable involvement with blockchain companies and blockchain legislation, respectively. To learn more, visit griid.com. Adit EdTech intends to file a proxy statement with the SEC. Readers are cautioned not to rely too heavily on the forward-looking statements contained in this press release. For these reasons, we expect proof-of-work mining and data centre infrastructure like HIVEs will always be an essential component of the blockchain and cryptocurrency ecosystem. GRIID, Adit EdTech and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in respect (November 30, 2021) Griid Infrastructure LLC (together with GRIID Holdco (as defined below), GRIID or the Company), a vertically integrated, bitcoin self-mining company, and Adit EdTech Acquisition Corp. For investor inquiries regarding Adit EdTech and affiliates, please contact: For inquiries regarding GRIID, 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 . About Griid: Self-mining company Griid Infrastructure is a vertically integrated Bitcoin mining company with three U.S. facilities. When and where. Its CEO, David Shrier, has published multiple books about blockchain and fintech, created the global online fintech and blockchain programs for the Massachusetts Institute of Technology and the University of Oxford, and serves as a non-executive director of blockchain infrastructure company Copper Technologies. Have a question? 2 Legal Disclaimer This presentation (the "presentation") has been prepared for use by Good Works Acquisition Corp. ("Good Works") and Cipher Mining Technologies Inc. ("Cipher" or the "Company") in connection with their proposed business . the combined company is expected to operate under the name "GRIID Infrastructure Inc." and be listed on the NYSE under the new ticker symbol "GRDI". Based on 508 Wall Street analysts offering 12 month price targets to DE:GRID holdings in the last 3 months. For full information, investors should refer to the risk disclosures filed under HIVEs most recent MD&A, which are filed under HIVEs SEDAR profile, and its September 2017 Filing Statement. Adit EdTech intends to file a proxy statement with the SEC. the securities laws of such state or jurisdiction. transaction, and identify and realize additional opportunities. Troutman Pepper Hamilton | Learn more about Harry Sudock's work . The new miner is half the price of an Antminer S19 Pro, while being 15% more efficient, improving gross profits by 130%, Griid's presentation said. What is the difference between GPU-based and ASIC-based mining? Adit EdTechs CFO, John DAgostino, founded and leads the AIMA Digital Asset Working Group, is Chair of the of the UK Governments Department International Trades Asset Management Working Group, and is Fellow of the AIF Global Financial InnovationInstitute. Bitcoin Self-Miner Griid Infrastructure to List on the NYSE Through Merger With Adit Edtech Acquisition Corp. the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. You need a reliable and cheap source of electricity for your hardware. Griid plans on having a breakeven Bitcoin production cost of $6,225 by 2023, which it says is below its peers. Evolve Security, LLC acted as cybersecurity advisor to Adit EdTech for external, internal and wireless security testing and assessment. The merger is expected to close in the first quarter of 2022. These forward looking statements speak only as of the date of this press release. 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. 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. financial advisor to Adit EdTech for capital markets and M&A advisory services. How Ethereum's evolution impacts crypto markets. Leasing hash is finite and non-transferrable. The company is projecting 2023 revenue of $1.6 billion. 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