U.S. Bitcoin mining firm Stronghold Digital Mining will record virtually six million shares in an preliminary public providing on the Nasdaq.
Stronghold plans to record 5,882,352 Class A typical inventory shares priced between $16 and $18 underneath the ticker “SDIG”. Taking the common proposed providing value places the IPO at round $100 million.
The Kennerdell, Pennsylvania-based agency first filed with the Securities and Trade Fee for a Nasdaq IPO in July. It’ll fund an virtually 900% growth in capability within the coming yr. The ultimate prospectus has already been filed with the SEC, nevertheless it has but to develop into efficient.
Stronghold plans to develop into the primary North American crypto mining firm to go public by an precise IPO, in accordance with Nasdaq. That is completely different from the now well-liked direct itemizing and Special Purpose Acquisition Companies (SPAC) avenues.
Stronghold intends to grant underwriters, or intermediaries that assist the agency put together for the providing, a 30-day choice to buy as many as 882,352 further shares of its inventory on the IPO value, along with the 5.8 million providing to the general public.
B. Riley Securities, Inc. and Cowen can be appearing as joint book-running managers, whereas Tudor, Pickering, Holt & Co. are serving as lead managers.
Stronghold describes itself as an “rising progress firm” which at the moment operates roughly 3,000 crypto miners with a hash fee capability of round 185 petahash per second (PH/s) in accordance with the prospectus.
It said that it has entered into agreements with three suppliers to supply a further 26,150 miners with a complete hash fee capability of over 2,500 PH/s. Supply of 72% of them has been scheduled for supply this yr, with the rest being delivered in 2022.
Stronghold intends to amass much more {hardware} with the proceeds of the IPO as a further 55,800 miners have been deliberate.
Associated: US miner raises $105M to recycle waste coal into crypto
The agency owns and operates the “Scrubgrass Plant” in Pennsylvania which has been acknowledged in its place power supply because it converts waste coal into power. The prospectus said:
“We’re dedicated to producing our power and managing our belongings sustainably, and we imagine that we’re one of many first vertically built-in crypto asset mining firms with a concentrate on environmentally helpful operations.”
Replace: Following the publication of this text, MicroStrategy founder Michael Saylor tweeted an endorsement:
Bitcoin grows stronger every time a miner goes public.
