Today marks the first official day of trading for Greenidge Generation Holdings (NASDAQ:GREE), the newly public stock that resulted from the merger of Greenidge and Support.com. Investors are finally able to see how the new stock reacts after witnessing considerable turbulence with SPRT stock in recent days. On its debut day, GREE stock is experiencing similar patterns.
What Happened With GREE Stock?
Despite the first four letters of its trading symbol, GREE stock hasn’t been in the green so far today. The stock is down 28% as of this writing.
Shares hit their peak very early with an individual price of $60. As the end of the trading day draws near, they currently sit at $40.36.
Why It Matters
While this hasn’t been a great debut for the stock, it is hardly unexpected in such a reverse merger situation. Despite its many ups and downs of late, SPRT managed to garner meme stock status as well as a social media following among short-squeeze enthusiasts.
With that in mind, there were plenty of variables to account for as GREE prepared to make its debut, making it difficult to know exactly what to expect in the short term. As noted, this type of performance from a company like Greenidge this early in the game isn’t surprising. Despite the media buzz that has surrounded its partner, GREE stock clearly needs time for investors, particularly those on popular digital platforms, to take note of it and develop an interest.
For those interested in cryptocurrency, a company like Greenidge should be fascinating, as it mines crypto with a focus on sustainability and environmentally sound practices. If you care about either element, as many young investors seem to, GREE stock’s debut should be among the season’s most interesting developments.
What’s Next for GREE Stock?
As I detailed this morning, there are plenty of reasons for investors to watch GREE and pay attention to its progress.
The company may be new to public markets, but it was fairly early the field of Bitcoin (CCC:BTC-USD) mining and is rapidly expanding. In fact, Greenidge is already at work to erect a new mining facility complete with 10,000 miners. This is poised to be a game changer for both crypto and environmental investors, and there is no reason it shouldn’t be recognized as such in the near future. Crypto news sites have already started taking an interest in this company.
This all points to a green future for Greenidge and for those who invested in GREE stock, in more ways than one.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.