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Market News Firm for Bitcoin Mining Shares of GRIID Infrastructure Fall Following Nasdaq Listing

Firm for Bitcoin Mining Shares of GRIID Infrastructure Fall Following Nasdaq Listing

Bitcoin mining company GRIID Infrastructure's stock price plummeted subsequent to its Nasdaq listing, in the midst of a turbulent market environment and an impending halving event.

TOP1 Markets Analyst
2024-01-31
10135

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As per the findings of CoinDesk, the shares of GRIID Infrastructure (GRDI), a bitcoin mining company headquartered in Cincinnati, Ohio, continued to decline on the second day subsequent to the completion of its Nasdaq listing this week. The listing followed the company's merger with Adit EdTech Acquisition Corp., a special purpose acquisition company (SPAC). GRIID shares were trading at approximately $7.30 shortly after its Nasdaq début on Monday, a decrease of approximately 24% from its launching price of $9.66. GRDI's daily loss per share was $5.47, or 43%, at the close. The stock declined as much as 17% on Tuesday before recouping its earlier losses. GRDI was approximately 3% lower at the time of writing.

 

Following its initial declaration of intent to go public during the bull market of 2021, when the combined enterprise value of the two companies was $3.3 billion, the company has now completed the listing process. The miners, whose livelihoods depend primarily on the digital currency they mine and are therefore regarded as a surrogate for bitcoin, were struck especially hard by the recent crypto winter. As the digital assets industry emerged from the bear market this year, GRIID was able to eventually proceed with its initial public offering after delaying it during the bear market. As of December 29th, the enterprise has a market capitalization of approximately $322 million, calculated from the outstanding stock of 65 million.

 

GRIID, which was established in 2018, has gone public at a time when the mining industry is poised to become even more competitive, in anticipation of the April bitcoin halving event. As cost-effective businesses are able to remain profitable despite a 50% reduction in mining rewards, miners are augmenting and enhancing their fleets to optimize efficiency. With an electrical capacity of 68 megawatts (MW), the organization operates mining facilities in Limestone, Maynardville, Lenoir City, Tennessee, and Watertown, New York. As per its most recent filing, GRIID anticipates augmenting its capacity to 436MW by the conclusion of 2024.

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