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

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

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

Stronghold plans to list 5,882,352 Class A typical inventory shares priced between $16 and $18 below 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 Exchange Commission for a Nasdaq IPO in July. It will fund an almost 900% enlargement in capability in the approaching yr. 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 an precise IPO, in line with Nasdaq. This is totally different from the now fashionable 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, in addition to the 5.8 million providing to the general public.

B. Riley Securities, Inc. and Cowen will be appearing as joint book-running managers, whereas Tudor, Pickering, Holt & Co. are serving as lead managers.

Stronghold describes itself as an “emerging growth company” which presently operates roughly 3,000 crypto miners with a hash price capability of round 185 petahash per second (PH/s) in line with the prospectus.

It said that it has entered into agreements with three suppliers to supply an extra 26,150 miners with a complete hash price capability of over 2,500 PH/s. Delivery 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 an extra 55,800 miners have been deliberate.

Related: 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 are committed to generating our energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations.”

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