American Bitcoin mining company Stronghold Digital Mining plans to list around six million shares as part of the initial public offering on the Nasdaq.
The company wants to list 5,882,352 Class A common stock shares with a price of $16-$18 under the ticker “SDIG.” Looking at the average proposed offering price, it means that the IPO will be worth about $100 million.
Stronghold filed with the US SEC for a Nasdaq IPO this summer, in July. In 2022, the company wants to fund an almost 900% expansion in capacity. The final prospectus has been filed with the SEC already but, as of now, it hasn’t come into effect yet.
The company wants to be the first North American crypto mining company that goes public via an actual IPO.
Stronghold operates about 3,000 crypto miners with a hash rate of 185 PH/s, but it plans to increase that with 26,150 miners with a total hash rate capacity of more than 2,500 PH/s. About 72% of them will be delivered this year while the rest are to follow next year. Another 55,800 miners are planned.
The prospectus mentions:
“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. Bitcoin grows stronger each time a miner goes public.”
Source: CoinTelegraph.com