Greenidge Generation Holdings
🧟 ZombieTrust Size
$0M
Peak Price
$60.00
Current Price
$1.50
Return
-97.5%
Peak Market Cap
$3.0B
What Happened
Bitcoin mining company that took over a coal power plant in upstate New York. Merged with Support.com in a SPAC-like reverse merger. Stock crashed 97% as crypto winter hit and environmentalists protested.
Greenidge Generation reverse-merged with Support.com (a remote IT support company) in September 2021 — a SPAC-like deal where a shell company absorbed a private company. Greenidge converted a retired coal power plant in Dresden, NY into a natural gas plant that powered Bitcoin mining operations. At peak crypto prices, it minted money. But when Bitcoin crashed in 2022, environmental groups targeted the plant, New York denied air permit renewal, and the company pivoted to South Carolina. Stock fell from $60 to under $2. A fascinating case of crypto, energy, and environmental politics colliding.
Projections vs. Reality
Projected Revenue
$300M
What they told investors
Actual Revenue
$55M
What actually happened
Hype-to-Reality Ratio: 18.0x
Key People
Jeff Kirt
CEO
Led through crypto boom and bust
Dale Irwin
Co-founder
Atlas Holdings background
Timeline
2021-09
Reverse merger with Support.com completed
2021-11
Stock peaks at $60 during crypto boom
2022-06
Bitcoin crash, stock falls 80%
2022-11
NY denies air permit renewal
2023-06
Pivots mining to South Carolina
🔀 Reverse Stock Split
Reverse split ratio: 1:10. Reverse splits are used to avoid delisting but destroy shareholder value through the illusion of a higher stock price.
⚖️ Legal Actions
• Class action lawsuit filed by shareholders
📄 SEC Filings
View all EDGAR filings for Greenidge Generation Holdings
Risk Scores
Dilution Score
72/100
Insider Profit Index
60/100
Hype-to-Reality Ratio
18.0x
Projected ÷ actual revenue