Northern Data, a major European Bitcoin (BTC) mining company, is reportedly considering listing in the US.
German company Northern Data plans to raise up to $ 500 million in its initial public offering (IPO), Bloomberg reported Monday. Anonymous sources familiar with the case said the company has partnered with Swiss investment bank Credit Suisse to continue the IPO.
According to the report, the company is considering selling new shares at the end of 2021 and intends to grow Northern Data’s shareholder base alongside its global profile. Northern Data shareholders include investors such as Galaxy Digital founder Mike Novogratz, as well as companies such as the investment firm Cryptology Asset Group and developer EOS Block.one.
Northern Data has been listed on the German OTC market since 2015, and has increased its share by more than 300% over the past year. Northern Data was trading at 112 euros ($ 136) at time of publication, according to Bloomberg, down 11% in the past 24 hours amid massive sales in the cryptocurrency market.
Northern Data, located on the outskirts of the German economic center in Frankfurt, operates data centers for mining in regions with cheap electricity. The largest facility, located in Rockdale, Texas, is one of the largest cryptocurrencies in the world with a target capacity of 1 gigawatt hour by the end of 2021. The company is said to have started as a Bitcoin mining company, but has subsequently moved to manage data centers on behalf of clients.
Credit Suisse declined to comment on Cointelegraph’s participation in the Northern Data IPO. As previously reported, Credit Suisse was once among the backers of the initial public offering of mining giant Canaan Creative. However, the bank withdrew due to concerns about the adequacy of orders in November 2019.
Northern Data declined to comment on Cointelegraph.