For fans of both digital help desk platforms and cryptocurrency, the wait for a historic crypto merger is finally over. Today, GREE stock finally begins trading on the Nasdaq. The product of the merger of publicly traded Support.com (NASDAQ:SPRT) and privately held Greenidge Generation Holdings (NASDAQ:GREE), GREE stock will now operate a subsidiary of the latter.
After months of anticipation leading up to a shareholder vote, the merger finally closed, allowing both parties to move ahead and for GREE to finally take its place on a major U.S. exchange. SPRT stock displayed quite a bit of volatility since the shareholder meeting began to draw near. Over the past five days, it has declined by 49.25%, drawing its fair share of speculation from the investment community with analysts raising the possibility of the stock being overvalued.
With all that in mind, there is plenty of reason for investors to be optimistic about the future of GREE stock as it begins trading. Here’s everything you need to know about the company.
A Look Into Greenidge, the Company Behind GREE Stock
- Greenidge is an alternative energy producing and cryptocurrency mining company that was founded in 1937.
- Founded as a coal plant, the company evolved throughout the decades, branching into natural gas in 2017 and cryptocurrency mining in 2020
- Greenidge’s carbon emissions have been significantly reduced by turning the company’s original coal-powered plant to a “clean-burning natural gas powered facility.”
- The company is based in upstate New York but it recently announced plans to build a new facility in Spartanburg, South Carolina, purchasing 10,000 S19j Pro Bitcoin miners to start. Operations are expected to commence as early as late 2021.
- Greenidge has a strong environmental focus, particularly when it comes to its crypto mining efforts. According to the website, “Approximately two-thirds of the electricity at the site is sourced from zero carbon sources.”
- This doesn’t just pertain to its new branch or crypto endeavors. Greenidge is heavily invested in reliable carbon offset credits in an attempt to maintain net-zero carbon emissions.
- Greenidge is expanding rapidly – its crypto mining practices have allowed it to almost double its workforce in 2021 alone.
- Greenidge has also prioritized working with local governments and communities to ensure that it remains both a vital contributor to local economic growth and a steward of environmentally friendly practices. The company has worked hard to fill a growing market need in its cryptocurrency mining efforts, and it has done so in a way that serves to benefit the environment. The new facility in South Carolina presents a clear opportunity for the company — and for GREE stock — to grow.
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.