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.

AccessTimeIconMar 22, 2021 at 3:04 p.m. UTC
Updated Sep 14, 2021 at 12:30 p.m. UTC

New York's Greenidge Generation is set to become the first publicly traded bitcoin miner with its own power plant through a coming merger.

  • 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.

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