Gree Gold Investment

The story of Greenidge Generation begins not in a garage, but at a power plant in upstate New York, first established way back in 1937. For decades, it operated as a coal-fired plant, a classic industrial asset. The first major turning point came in 2014 when the facility began a transformation, converting to cleaner-burning natural gas and shifting its strategy. The real inflection point, however, arrived in 2017. Seeing an opportunity in the burgeoning world of digital assets, Greenidge's leadership, including key figures from private equity firm Atlas Holdings, made a bold decision. They would vertically integrate the plant, using its own low-cost power to mine Bitcoin. This move made it one of the first power plants in the U.S. to directly fuse energy generation with cryptocurrency mining. This unique model attracted significant market attention, leading to a pivotal event in the company's journey. In September 2021, Greenidge went public on the NASDAQ under the ticker symbol GREE, not through a traditional IPO, but via a merger with the tech support company Support.com. This gave public market investors a chance to buy into a novel, vertically integrated mining operation. The company even raised additional capital through a senior notes offering shortly after. However, the path forward wasn't smooth; facing market volatility and financial headwinds, Greenidge later underwent a significant restructuring, emerging from Chapter 11 bankruptcy protection in late 2023.