Bitcoin miner Stronghold will list almost 6M shares in its $100M IPO

U.S. Bitcoin mining firm Stronghold Digital Mining will listing virtually six million shares in an preliminary public providing on the Nasdaq.

Stronghold plans to listing 5,882,352 Class A typical inventory shares priced between $16 and $18 beneath 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 Alternate Fee for a Nasdaq IPO in July. It would fund an virtually 900% enlargement in capability within the coming 12 months. The ultimate prospectus has already been filed with the SEC, however it has but to turn into efficient.

Stronghold plans to turn into the primary North American crypto mining firm to go public by way of an precise IPO, in line with Nasdaq. That is completely different from the now fashionable direct itemizing and Particular Goal Acquisition Firms (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 performing 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 present operates roughly 3,000 crypto miners with a hash fee capability of round 185 petahash per second (PH/s) in line with the prospectus.

It acknowledged that it has entered into agreements with three suppliers to supply an extra 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 12 months, with the rest being delivered in 2022.

Stronghold intends to amass much more {hardware} with the proceeds of the IPO as an extra 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 instead power supply because it converts waste coal into power. The prospectus acknowledged:

“We’re dedicated to producing our power and managing our belongings sustainably, and we consider that we’re one of many first vertically built-in crypto asset mining firms with a deal with environmentally useful operations.”


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