- Shares jump: Greenidge Generation Holdings (NASDAQ: GREE) spiked at the open and traded as high as $2.64 intraday after fresh regulatory disclosures; as of 15:51 UTC, the stock was up sharply on heavy volume. (See live chart above.)
- Fresh SEC filing: This morning, Greenidge filed an 8‑K detailing a Stipulation of Settlement with New York’s Department of Environmental Conservation (DEC) that lays out a pathway to modify and renew the company’s Title V air permit for its Dresden, NY power-and-datacenter facility. [1]
- Context from the state: Over the weekend, the DEC issued its official statement confirming the agreement requires deep, enforceable greenhouse‑gas (GHG) cuts and will proceed through public review and comment before a final permit is issued. [2]
- Debt housekeeping (this week): On Nov. 6, Greenidge reported final results of its tender/exchange offer for its 8.50% Senior Notes due 2026 (ticker: GREEL), a small uptake primarily into a new 2030 note; settlement occurred Nov. 7. [3]
What the Nov. 10 filing says
In today’s 8‑K, Greenidge disclosed it entered a Stipulation of Settlement with the NYS DEC on Nov. 7. The agreement commits the agency to process a permit modification and renewal that adds new GHG limits and related monitoring/reporting; the draft permit will undergo public notice and comment and a 45‑day EPA review. Once that process is complete—and Greenidge withdraws its pending court appeal—the DEC will issue the final Title V permit. Until then, Greenidge’s existing Title V permit remains valid under New York administrative law. [4]
By the numbers (GHG limits stated in the 8‑K):
- Permit Year 1:475,683.48 tons CO₂e (12‑month rolling)
- Year 2:475,683.48
- Year 3:428,115.13
- Year 4:380,426.78
- Year 5 and beyond:358,071.27 (unless later modified by DEC)
During Years 3–4, if the plant is dispatched to supply more grid power than at the time of DEC’s June 2022 denial, those incremental emissions won’t count toward that year’s cap—but total emissions may not exceed the prior year’s actual limit. [5]
What New York State says it’s getting
In its Nov. 8 press release, the DEC said the agreement “drastically reduce[s]” the facility’s currently permitted emissions by 44%—an estimated >282,000 tons CO₂e per year—and requires at least a 25% cut in actual emissions over the renewed permit term. The agency emphasized the deal resolves litigation, keeps the review public, and aligns the facility with Climate Act requirements. [6]
Why the market is reacting
- Regulatory overhang eases. A concrete path to a renewed Title V permit reduces existential risk for Greenidge’s Dresden operations, a combined natural‑gas power plant and cryptocurrency datacenter that can curtail mining and send power to the grid when needed. The company framed the settlement as enabling “historic” reductions while maintaining grid support. [7]
- Broader crypto tailwind. Crypto‑linked equities were bid pre‑market today alongside a firm bitcoin tape, adding a supportive backdrop for GREE’s move. [8]
- Pre‑market momentum: GREE appeared on Nasdaq’s most‑active list pre‑open; MarketWatch showed GREE trading ~41% higher at $2.13 by 4:58 a.m. ET before regular‑session gains accelerated. [9]
Debt tidbit you might have missed
On Nov. 6, Greenidge announced final results of its tender/exchange for GREEL (8.50% 2026 notes). Participation was modest: only $334,525 principal of old notes were accepted (cash + exchange combined), and Greenidge expects to issue about $34,606 principal of new 10.00% 2030 notes. The company noted the new notes would likely trade OTC given the small float. (As of today, GREEL was quoted around $17.85 on light volume.) [10]
How we got here: the long fight over Dresden’s permit
- 2022: DEC denied the Title V renewal, citing inconsistency with New York’s Climate Leadership and Community Protection Act (CLCPA). [11]
- Nov. 2024: A New York Supreme Court justice annulled DEC’s final denial as arbitrary and capricious in part and remanded the matter—upholding DEC’s authority but faulting its process—clearing the way for renewed negotiations. [12]
- Nov. 7, 2025: Greenidge and DEC executed the settlement setting quantitative GHG caps and the path to a renewed permit. Today’s 8‑K makes that official for investors; DEC’s Nov. 8 release outlines what comes next. [13]
What’s next (timeline & catalysts)
- Draft permit issuance: DEC will issue a draft Title V modification/renewal, then open public comment and conduct the required EPA 45‑day review. [14]
- Litigation wind‑down: The parties will seek to discontinue the pending administrative hearing and Greenidge will withdraw its appeal, per the settlement. [15]
- Final permit: After process completion and appeal withdrawal, DEC will issue the final permit with the new GHG limits. [16]
Key details, summarized for Nov. 10, 2025
- Regulatory: Settlement executed Nov. 7; 8‑K filed Nov. 10; DEC confirms 44% permitted and ≥25% actual emissions reductions over the term; final permit still subject to process. [17]
- Stock:GREE up strongly intraday; high $2.64, low $1.84 so far; volume ~23.2M as of 15:51 UTC. (Live chart above.)
- Capital structure:GREEL (8.50% 2026) thinly traded; tender/exchange participation small; new 2030 notes expected to list OTC, if at all. [18]
Sources: SEC 8‑K (Nov. 10, 2025); New York DEC press release (Nov. 8, 2025); Business Wire press releases (Nov. 7 & Nov. 6, 2025); Nasdaq/MarketWatch pre‑market data; CoinDesk market wrap. [19]
This article is for informational purposes only and is not investment advice.
References
1. www.sec.gov, 2. dec.ny.gov, 3. www.businesswire.com, 4. www.sec.gov, 5. www.sec.gov, 6. dec.ny.gov, 7. www.businesswire.com, 8. www.coindesk.com, 9. www.nasdaq.com, 10. www.businesswire.com, 11. extapps.dec.ny.gov, 12. rochesterbeacon.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.businesswire.com, 16. www.sec.gov, 17. www.sec.gov, 18. www.businesswire.com, 19. www.sec.gov
