Bitcoin Miner GRIID Secures $525M Credit Facility from Blockchain.com
CINCINNATI, Nov. 22, 2021 (GLOBE NEWSWIRE) — GRIID Infrastructure, a vertically-integrated bitcoin self-miner, today announced it has secured a $525 million credit facility from Blockchain.com, one of the world’s oldest and most trusted cryptocurrency platforms with over $5 billion in loan originations. GRIID specializes in procuring low-cost, carbon-free energy to build, manage, and operate a growing portfolio of U.S. based bitcoin mining facilities.
The four-year term credit facility will assist GRIID in extending its proven execution capabilities to greater scale, bringing on additional mining capacity, and capitalizing on over 1,300 megawatts of available power from existing energy generation partners.
“Blockchain.com is an established leader in the digital asset space with unique knowledge into every aspect of the crypto ecosystem, including mining operations,” said Trey Kelly, GRIID Founder and CEO. “Blockchain.com is an ideal capital partner as we strengthen our infrastructure and operations across our growing portfolio of bitcoin mining facilities.”
Since 2017, Blockchain.com’s Institutional Markets team has originated some of the largest credit facilities in the market, establishing itself as a premier capital partner within the digital asset industry. Best-in-class pricing and custom solutions are made possible by a large balance sheet, deep market expertise and a willingness to be a value-added capital partner.
“For the past two years we’ve worked closely with GRIID to not just provide capital, but to be a partner invested in the growth of the business,” said Peter Smith, Blockchain.com CEO. “It’s incredible to see their trajectory and we are confident that GRIID is well positioned to become a dominant U.S. based bitcoin miner. We’re excited to continue to partner with them to grow their company and the industry in the coming years.”
About GRIID
GRIID, an American infrastructure company, is a vertically-integrated bitcoin self-mining company that owns and operates a growing portfolio of bitcoin mining facilities across the United States. Founded in 2018 and headquartered in Cincinnati, Ohio, GRIID has secured one of the largest and lowest-cost power pipelines in the industry with a focus on carbon-free generation partners. With its unique vertically-integrated business model and power pipeline, GRIID is leading the global effort to support the bitcoin network and carbon-free energy markets. To learn more, visit griid.com
About Blockchain.com
Blockchain.com is connecting the world to the future of finance. The London and Miami-based company, with an international team spread across the world, is the most trusted and fastest growing crypto company, helping millions across the globe safely access cryptocurrency. Venture backed since 2014, Blockchain.com has raised $537M of equity, valued at $5.2B. Visit Blockchain.com for more info, follow us on Twitter @blockchain, check out The Blockchain.com Podcast, and read our blog for the latest company news. For more information on Blockchain.com lending, visit http://www.blockchain.com/institutional.
Contacts:
Susan Donahue
Skyya PR for GRIID
ph: (646) 454-9378
susan.donahue@skyya.com
Brooks Wallace
Blockchain.com
brooks@blockchain.com
