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Bitcoin miner Stronghold will record virtually 6M shares in its $100M IPO

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

Stronghold plans to record 5,882,352 Class A standard inventory shares priced between $16 and $18 underneath the ticker “SDIG”. Taking the common proposed providing worth places the IPO at round $100 million.

The Kennerdell, Pennsylvania-based agency first filed with the Securities and Trade Fee for a Nasdaq IPO in July. It is going to fund an virtually 900% enlargement in capability within the coming yr. The ultimate prospectus has already been filed with the SEC, but it surely has but to turn into efficient.

Stronghold plans to turn into the primary North American crypto mining firm to go public by way of an precise IPO, based on Nasdaq. That is completely different from the now fashionable direct itemizing and Particular Function Acquisition Firms (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 worth, along with the 5.8 million providing to the general public.

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

Stronghold describes itself as an “rising development firm” which at the moment operates roughly 3,000 crypto miners with a hash fee capability of round 185 petahash per second (PH/s) based on the prospectus.

It said that it has entered into agreements with three suppliers to offer an extra 26,150 miners with a complete hash fee capability of over 2,500 PH/s. Supply 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.

Associated: US miner raises $105M to recycle waste coal into crypto

The agency owns and operates the “Scrubgrass Plant” in Pennsylvania which has been acknowledged instead power supply because it converts waste coal into power. The prospectus said:

“We’re dedicated to producing our power and managing our property sustainably, and we consider that we’re one of many first vertically built-in crypto asset mining firms with a deal with environmentally helpful operations.”


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