Greenidge to Merge, Becoming First Publicly Traded Bitcoin Miner With a Power Plant

Greenidge's holding company announced the planned merger with Nasdaq-listed Monday.

AccessTimeIconMar 22, 2021 at 3:04 p.m. UTC
Updated May 9, 2023 at 3:17 a.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
  • The merger is expected to be completed in Q3 2021.
  • 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 (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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.