Vulcan Infrastructure and Power 8.50% Senior Notes due 2026 (GREEL) Stock Price, News & Analysis

Written before these shares stopped trading.

Greenidge Generation Holdings Inc. 8.50% Senior Notes due 2026 (Nasdaq: GREEL) are a series of exchange-listed debt securities issued by Greenidge Generation Holdings Inc. ("Greenidge"). According to company disclosures, Greenidge is a vertically integrated cryptocurrency datacenter and power generation company. The notes trade on the Nasdaq Global Select Market under the symbol GREEL and represent senior unsecured obligations of Greenidge, separate from its Class A common stock, which trades under the symbol GREE.

The GREEL notes carry a stated interest rate of 8.50% and an original maturity in 2026. As senior notes, they rank equal in right of payment with Greenidge’s other existing and future senior unsecured indebtedness, as described in the company’s indenture filings. Investors use GREEL to gain exposure to Greenidge in the form of fixed-income securities rather than equity, with returns based on contractual interest payments and repayment of principal, subject to the terms of the governing indenture and any subsequent exchange or tender transactions.

Issuer Background

Greenidge Generation Holdings Inc. describes itself as a vertically integrated cryptocurrency datacenter and power generation company. This means the same corporate group both operates datacenter infrastructure used for cryptocurrency-related activities and owns or controls power generation assets that support those operations. The company has referenced projects involving data center facilities and power rights in locations such as Spartanburg, South Carolina and Columbus, Mississippi through its subsidiaries, reflecting an operational focus on sites that combine power access with datacenter or digital asset infrastructure.

Greenidge is incorporated in Delaware and is identified as an emerging growth company in its SEC filings. Its securities, including Class A common stock (GREE) and the 8.50% Senior Notes due 2026 (GREEL), are listed on the Nasdaq Global Select Market, which provides public market trading for both the equity and the notes.

Key Features of the 8.50% Senior Notes due 2026

The GREEL notes were issued under an indenture dated October 13, 2021, between Greenidge and Wilmington Savings Fund Society, FSB, as trustee, as referenced in the company’s Form 8-K filings. The notes are characterized as senior unsecured obligations of Greenidge. The indenture contains customary events of default and related provisions, allowing the trustee or holders of a specified percentage of principal amount of notes to declare the notes immediately due and payable if an uncured default occurs and continues.

Over time, Greenidge has undertaken transactions that affect the capital structure around these notes. The company has initiated concurrent tender and exchange offers in which holders of the Old Notes (the 8.50% Senior Notes due 2026) could elect either to exchange their notes for a new series of 10.00% Senior Notes due 2030 (the "New Notes") or to tender their notes for cash, subject to a cash payment limit. These transactions are described in detail in Greenidge’s press releases and related Form 8-K filings and are central to understanding the evolving profile of GREEL.

Tender and Exchange Offers Involving GREEL

Greenidge has disclosed multiple tender and exchange processes for the 8.50% Senior Notes due 2026. In one offer, holders could choose between:

• An Exchange Option, receiving a specified principal amount of 10.00% Senior Notes due 2030 for each $25.00 principal amount of Old Notes exchanged.
• A Tender Option, receiving a specified cash amount for each $25.00 principal amount of Old Notes tendered, with an enhanced amount for tenders made on or before an Early Tender Date, all subject to an aggregate cash payment limit.

Company disclosures note that when the aggregate purchase price of Old Notes tendered under the cash Tender Option exceeded the stated cash payment limit, Greenidge applied a proration factor to determine the portion of tendered notes accepted for purchase. Notes validly tendered under the Exchange Option were eligible to be exchanged for New Notes, which are governed by a Second Supplemental Indenture. These actions illustrate how Greenidge has used exchange-listed notes and follow-on note issuances as part of its financing strategy.

New 10.00% Senior Notes due 2030

In connection with the Tender/Exchange Offer, Greenidge issued 10.00% Senior Notes due 2030 (the New Notes). These New Notes were created under a Second Supplemental Indenture dated July 21, 2025, which supplements the original base indenture. The New Notes accrue interest at an annual rate of 10.00%, payable quarterly in arrears on specified dates, and include provisions for optional redemption at prices that vary depending on the redemption period, as well as a change-of-control redemption feature. The New Notes are also senior unsecured obligations of Greenidge and rank equally with its existing and future senior unsecured indebtedness.

For holders of GREEL, these exchange and tender structures are relevant because they offer alternative paths: continuing exposure to Greenidge through the original 8.50% Senior Notes due 2026, exchanging into the longer-dated 10.00% Senior Notes due 2030, or electing cash consideration, subject to the terms and limits described in the Offer to Purchase/Exchange documents.

Regulatory and Legal Framework

Greenidge has stated that it relies on Section 3(a)(9) of the Securities Act of 1933 to exempt the New Notes issued in the Exchange Option from registration under the Securities Act. It also relies on Section 18(b)(4)(C) of the Securities Act to exempt the New Notes from state securities law registration and qualification requirements. The company has indicated that it does not have arrangements to pay commissions or other remuneration to brokers or other parties for soliciting tenders in the Tender/Exchange Offer.

In addition, Greenidge has disclosed that it intends to take the position that both the Old Notes and the New Notes constitute securities for U.S. federal income tax purposes and that exchanges of Old Notes for New Notes in the Exchange Offer likely qualify as a tax-free recapitalization, as described in its communications to investors.

Corporate Activity Relevant to GREEL Holders

Beyond the note-specific transactions, Greenidge’s filings describe corporate actions that may be of interest to GREEL investors. For example, the company has reported on the termination of a purchase and sale agreement involving land and power rights in Spartanburg, South Carolina, and an asset purchase agreement for a facility in Columbus, Mississippi. These actions relate to Greenidge’s broader strategy around datacenter and power assets and may indirectly influence the company’s financial position and its ability to service debt, including GREEL.

Greenidge also periodically furnishes press releases regarding its financial and operational results for fiscal quarters, as noted in Form 8-K filings. While these reports are not incorporated as filed for certain securities law purposes, they provide context on the company’s operations, which can be relevant when assessing the credit profile associated with the 8.50% Senior Notes due 2026.

How Investors Use GREEL Information

Investors researching GREEL typically focus on the terms of the notes, the status and results of any tender or exchange offers, and Greenidge’s overall financial and operational condition as a vertically integrated cryptocurrency datacenter and power generation company. SEC filings such as Forms 8-K, the base indenture, supplemental indentures, and the Offer to Purchase/Exchange documents are primary sources for understanding the rights, risks, and obligations associated with GREEL.

Because GREEL represents debt of a specific corporate issuer rather than equity, analysis often emphasizes the company’s ability to meet interest and principal obligations, the structure and ranking of the notes within Greenidge’s capital structure, and the implications of any recapitalization or refinancing activity described in the company’s public disclosures.