American Bitcoin miner Stronghold Digital Mining will list nearly six million shares in its first public offering on the Nasdaq.
Stronghold plans to list 5,882,352 Class A shares at $ 16 to $ 18 below the SDIG index. If we take the average proposed bid price, then the listing is about $ 100 million.
Pennsylvania-based Kennerdell first filed with the Securities and Exchange Commission for the Nasdaq in July. It will finance a nearly 900% expansion in capacity next year. The final prospectus has already been filed with the Securities and Exchange Commission, but has not yet entered into force.
Stronghold plans to be the first North American digital mining company to go public, according to Nasdaq. This differs from the direct listing methods currently used by SPACs.
Stronghold intends to provide insurance companies or intermediaries that help the company prepare the offer with a 30-day call option for up to 882,352 additional shares for listing, in addition to the 5.8 million share offer to the public.
B. Riley Securities, Inc. will act. and Cowen as co-book executives, while Tudor, Pickering, and Holt & Co act as key executives.
Stronghold describes itself as a “growing, growing company” that currently operates approximately 3,000 crypto-miners at a hash rate of approximately 185 peta per second (PH / s), according to the prospectus.
He stated that he has entered into agreements with three suppliers to supply an additional 26,150 miners with a total hash power of over 2,500 PH / s. 72% of them are planned to be delivered this year, the rest will be delivered in 2022.
Stronghold intends to acquire more equipment with IPO proceeds as it plans to add an additional 55,800 miners.
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The company owns and operates the Scrubgrass plant in Pennsylvania, which has been recognized as an alternative energy source because it converts waste coal into energy. The bulletin says the following:
“We are committed to building our capacity and managing our assets wisely, and we believe we are one of the first vertically integrated cryptoasset miners focused on green operations.”
Update: Following the publication of this article, MicroStrategy founder Michael Sailor tweeted a note:
Bitcoin gets stronger every time a miner goes public.