US bitcoin miner Stronghold Digital Mining will list nearly six million shares on a Nasdaq-listed exchange (IPO).
Stronghold plans to list 5,882,352 shares on the exchange with prices ranging from $16 to $18 under the “SDIG” index. If we take the average quoted price for a position, the listing will be around $100 million.
The Pennsylvania-based Kennerdale Corporation first reported to the Securities and Exchange Commission on its Nasdaq listing in July. Next year, it will finance a capacity increase of nearly 900%. The final prospectus has already been submitted to the Securities and Exchange Commission, but it is not yet effective.
Stronghold plans to become the first North American cryptocurrency miner to go public with an actual initial public offering, according to Nasdaq. This is in contrast to the now popular methods of Direct Listing and Special Offers (SPAC).
Stronghold intends to offer guarantors or brokers who assist the company in preparing the offer a 30-day call option for up to 882,352 additional shares of stock for listing, in addition to the public offering of 5.8 million shares.
B. Riley Securities, Inc. will operate. and Cowen as joint account administrators, while Tudor, Pickering, Holt & Co. As senior managers.
Stronghold describes itself as a “growing company” that currently operates around 3,000 crypto miners at a hash rate of about 185 petahs per second (PH/s), according to its preliminary prospectus.
He stated that he had entered into agreements with three suppliers to give an additional 26,150 mines with a total productivity of more than 2,500 PH/s. 72% of it is scheduled to be delivered this year, and the rest in 2022.
Stronghold intends to buy more hardware from the proceeds of the IPO as an additional 55,800 miners are planned.
On the topic: American miner raises $105 million to process coal for cryptocurrency
The company owns and operates a Scrubgrass plant in Pennsylvania, which has been recognized as an alternative source of energy because it converts waste coal into energy. The bulletin states the following:
“We are committed to producing our capacity and rationally managing our assets, and believe we are one of the first vertically integrated crypto mining companies to focus on environmentally friendly operations.”
Update: After this article was published, MicroStrategy founder Michael Sailor tweeted:
Bitcoin gets stronger every time a miner becomes public.