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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.
Updated May 9, 2023, 3:17 a.m. Published Mar 22, 2021, 3:04 p.m.
New York's Greenidge Generation is set to become the first publicly traded bitcoin miner with its own power plant through a coming merger.
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- 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
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