America-based Bitcoin miner GRIID has officially resumed trading on the Nasdaq stock marketplace.
Bitcoin Miner GRIID Makes Splash on Nasdaq
Before now, GRIID was recognized for running vertically integrated Bitcoin mining facilities that leverage low-cost and low-carbon energy. It was established in 2018 but began operations as a Bitcoin mining facility in 2019. The Bitcoin miner GRIID has built a reputation over the years owing to its long-term power relationships.
A significant percentage of these relationships involves securing affordable, reliable, environmentally responsible power, and in the long run, enabling a vertically integrated self-mining business model with significant growth opportunity.
Per the latest development, the company is now venturing into trading of its common stock and warrants on Nasdaq Global Market. Specifically, GRIID’s common stock will trade under the ticker “GRDI” while the company’s warrant will trade under the ticker symbol “GRDIW”. Just like before, the common stock will maintain its trading on Cboe Canada, which was formerly known as the NEO Exchange, under the same ticker.
Trey Kelly, the CEO of GRIID regards this development which brings the firm out to the United States market as a significant milestone. He is positive that in a few months, the listing on the Nasdaq will impact positively GRIID’s visibility and liquidity. Furthermore, Kelly strongly believes that the listing would also help to enhance its investor base.
GRIID and its SPAC Merger
It is worth noting that this comes amidst the Bitcoin miner’s effort to strengthen its market position and reinforce its commitment to delivering shareholder value.
The Bitcoin miner GRIID listing was made possible owing to the successful merger with special purpose acquisition company Adit EdTech Acquisition Corp. Such a SPAC deal involves an acquiring company, formed to acquire a private firm and bring the private firm public.
The acquisition was successfully carried out on January 2nd after two years since the initial proposal was first declared. It was after this SPAC merger that the common stock was listed on Cboe Canada. Core Scientific, another Bitcoin miner, is also preparing for its return to the Nasdaq stock trading market.
While Bitcoin miners like GRIID are fond of public listing, the acquisition adds the company to the growing list of publicly traded companies like Coinbase Global and Marathon Digital contributing to the crypto ecosystem.
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