One of the most popular retail stocks is no more as the company name and ticker have gone away via a stock merger that will see the company become a subsidiary of a larger organization.
The merger creates the first publicly traded, vertically integrated Bitcoin (CRYPTO: BTC) mining company that is 100% carbon neutral.
The combined company will be led by existing Greenidge CEO Jeff Kirt.
“We are poised to create significant value by combining public market growth capital with our 100% carbon-neutral Bitcoin mining business model as we expand our operations to additional locations,” Kirt said.
SPRT shareholders will receive 0.115 shares of GREE for each share of Support.com previously owned. Support.com shareholders will own around 8% of the new combined company.
Why It’s Important: Greenidge is committed to 100% carbon-neutral Bitcoin mining. The company operates a facility in New York and has a second location in South Carolina coming.
Earlier this year, Greenidge said it had a hashrate of 1.1 exahash per second and plans to grow to 2.6 exahash per second in 2022.
Greenidge has 19MW of mining capacity and plans to hit 500MW by the year 2025.
The company is estimating revenue to hit $78 million in fiscal 2021 and $145 million in fiscal 2022.
Greenidge mined 1,186 Bitcoin in the 12-month period ending February 28. The Bitcoins were mined at a company cost of $2,869 each.
GREE Price Action: GREE shares were down 3.03% at $38.99 Wednesday morning.