Bitcoin (CRYPTO: BTC) mining company GRIID Infrastructure (NASDAQ: GRDI) commenced trading in the U.S. market on Monday, following its initial public offering in Canada earlier this month.
The Cincinnati-based company, which operates mining facilities in New York and Tennessee, merged with special purpose acquisition company (SPAC) Adit EdTech to list on Nasdaq, Blockworks reported.
Company's Journey And Strategy:
GRIID made its first appearance in the public markets on Jan. 2, on Cboe Canada.
The company's Chief Strategy Officer, Harry Sudock, had previously indicated their intention to list in the U.S.
On Monday, GRIID's stock began trading on Nasdaq, with its price falling to around $7 at 11 a.m. ET, marking a 28% decrease from its opening price. At the time of publication Tuesday, shares were down over 54% since the listing, with the stock trading at $4.55.
“In the short term, we are focused on growing our capacity and increasing our hash rate,” Sudock stated earlier this month to Blockworks. “Ultimately, our goal is to continue expanding our power pipeline and leveraging operational excellence to be a leader ...