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Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power Plant
Greenidge's holding company announced the planned merger with Nasdaq-listed Support.com Monday.
New York's Greenidge Generation is set to become the first publicly traded bitcoin miner with its own power plant through a coming merger.
STORY CONTINUES BELOW
- Greenidge's holding company announced Monday the merger has been agreed with Nasdaq-listed IT support solutions provider Support.com.
- The merger is expected to be completed in Q3 2021.
- Support.com will become a wholly owned subsidiary of Greenidge, with shares divided roughly 92-8 in Greenidge's favor.
- Greenidge's natural gas plant currently powers 19 megawatts of mining capacity, which it expects to reach 41 MW by the middle of 2021.
- The company also has goals to reach at least 500 MW of mining capacity by 2025.
- Shares of Support.com (Nasdaq: SPRT) exploded roughly 350% on the news, briefly trading above €7.50 (US$8.94) Monday, up from roughly €1.70 ($2.03) earlier in the day.
See also: A New York Power Plant Is Mining $50K Worth of Bitcoin a Day
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
