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.

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