Bitcoin miner GRIID Infrastructure Inc. (NASDAQ:GRDI) shares are trading higher Wednesday after gaining more than 40% in Tuesday's session. Here's a look at what's going on.
The Details:
Griid is a vertically integrated Bitcoin (CRYPTO: BTC) mining company which owns and operates a portfolio of energy infrastructure and high-density data centers in North America.
According to the company's most recent quarterly report, the number of bitcoins mined during the three months ended March 31, 2024 and 2023 were approximately 66 and 82, respectively. Griid holds approximately 11 bitcoins with an average cost basis of $67,759 per bitcoin.
Griid shares are moving on heavy trading volume for a second day on Wednesday despite a lack of company-specific news. According to data from Benzinga Pro, more than 12.3 million shares have already been traded in the session, compared to the stock's 100-day average of 3.119 million shares.
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How To Buy GRDI Stock?
By now you're likely curious about how to participate in the market for Griid Infrastructure – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy 'fractional shares,' which allows you to own portions of stock without buying an entire share. For example, some stock, like Berkshire Hathaway, can cost thousands of dollars to own just one share. However, if you only want to invest a fraction of that, brokerages will allow you to do so.
In the the case of Griid Infrastructure, which is trading at $2.24 as of publishing time, $100 would buy you 44.64 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to 'go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
GRDI Price Action: According to Benzinga Pro, Griid Infrastructure shares are up 26.2% at $2.50 at the time of publication Wednesday.
Image: Reto Scheiwlliier from Pixabay