US-based Bitcoin miner Griid Infrastructure is in talks to go public through a merger with Adit EdTech, a special purpose acquisition company, Bloomberg reported. A transaction with the blank-check firm Adit EdTech Acquisition Corp., would value the combined entity at more than $3 billion.
The terms have not yet been finalized and talks could collapse, according to Bloomberg.
Griid, which says it is buying cheap, carbon-free energy to manage, build and operate a portfolio of bitcoin mining facilities, has announced that it has acquired a $525 million facility from Blockchain.com.
The company said the four-year facility will help it add capacity and scale.
Other Bitcoin miners that have agreed to go public via SPAC mergers include Cipher Mining, Core Scientific and Bitdeer Technologies Holding, which announced last week that it had struck a deal with Blue Safari Group Acquisition.