Bitcoin Miner GRIID Shares Extend Drop After Nasdaq Listing
Summary
Bitcoin mining company GRIID Infrastructure's shares dropped for two consecutive days after its Nasdaq listing following a merger with special purpose acquisition company Adit EdTech Acquisition Corp. GRIID's shares were down about 24% from its opening price of $9.66 shortly after its debut, and closed the day down 43%. The company, which first announced its intention to go public in 2021, delayed its listing during the bear market and finally went public this year. GRIID's current market cap is around $322 million. The company, founded in 2018, operates in New York and Tennessee with 68MW of electrical capacity and plans to expand to 436MW by the end of 2024.
