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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Water Tower Research Publishes Initiation of Coverage Report on Greenidge Generation Holdings, Inc., “Future of Integrated Crypto Data Centers and Power Generation Looks Bright”

February 20, 2025, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Greenidge Generation Holdings, Inc. (NASDAQ: GREE) titled, “Future of Integrated Crypto Data Centers and Power Generation Looks Bright”. The report can be accessed here.

Greenidge builds, maintains, and operates data centers focused on Bitcoin mining and Artificial Intelligence and High-Performance Computing) (AI/HPC), along with related power and electric infrastructure. The company’s knowledge of electricity markets and power plants makes it a market leader in the construction and operation of data centers.

The company operates in the AI/HPC data center and Bitcoin mining markets. Spartanburg is an example of one of its AI/HPC data centers, while Columbus is an example of Bitcoin mining. The AI/HPC and general data center market is currently more than $70 billion and is expected to grow at a 16% CAGR to more than $300 billion by 2034.

Greenidge has evolved from 100% self-mining and a leveraged balance sheet to a company focused on a growing real estate portfolio, power access, data center buildouts, and operational capabilities. This is expected to create a diversified revenue stream with significant upside. Along the way, the company has derisked its balance sheet and improved its SG&A structure.

Comparables have a median P/S of 5.7x, with Greenidge trading at a significant discount of 0.2x. The company’s comparables include crypto miners and data center companies.

About Water Tower Research

Water Tower Research is modernizing investor engagement through research-driven communications. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.

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