The firm uses a sustainable energy source by converting waste coal into power to mine Bitcoin. U.S. Bitcoin mining company Stronghold Digital Mining will list almost six million shares in an initial public offering on the Nasdaq. Stronghold plans to list 5,882,352 Class A common stock shares priced between $16 and $18 under the ticker “SDIG”. Taking the average proposed offering price puts the IPO at around $100 million.
The Kennerdell, Pennsylvania-based firm first filed with the Securities and Exchange Commission for a Nasdaq IPO in July. It will fund an almost 900% expansion in capacity in the coming year. The final prospectus has already been filed with the SEC, but it has yet to become effective.
Stronghold plans to become the first North American crypto mining company to go public through an actual IPO, according to Nasdaq. This is different from the now popular direct listing and Special Purpose Acquisition Companies (SPAC) avenues. Stronghold intends to grant underwriters, or intermediaries that help the firm prepare for the offering, a 30-day option to purchase as many as 882,352 additional shares of its stock at the IPO price, in addition to the 5.8 million offering to the public.
B. Riley Securities, Inc. and Cowen will be acting as joint book-running managers, while Tudor, Pickering, Holt & Co. are serving as lead managers. Stronghold describes itself as an “emerging growth company” which currently operates approximately 3,000 crypto miners with a hash rate capacity of around 185 petahash per second (PH/s) according to the prospectus.
It stated that it has entered into agreements with three suppliers to provide an additional 26,150 miners with a total hash rate capacity of over 2,500 PH/s. Delivery of 72% of them has been scheduled for delivery this year, with the remainder being delivered in 2022. Stronghold intends to acquire even more hardware with the proceeds of the IPO as an additional 55,800 miners have been planned.
The firm owns and operates the “Scrubgrass Plant” in Pennsylvania which has been recognized as an alternative energy source since it converts waste coal into energy. The prospectus stated: “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.”
Update: Following the publication of this article, MicroStrategy founder Michael Saylor tweeted an endorsement. Bitcoin grows stronger each time a miner goes public.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||95.6%||2||$27 039.83||2.05%||1.68%||$527 252 460 832|
|2||ETH||Ethereum predictions||93.6%||5||$1 673.68||2.76%||5.04%||$201 236 607 315|
|3||USDT||Tether predictions||96%||1||$0.999935||0.08%||0.01%||$83 271 159 494|
|4||BNB||Binance Coin predictions||94.4%||4||$216.15||1.27%||2.52%||$33 253 779 336|
|5||XRP||XRP predictions||92%||9||$0.510677||1.70%||0.44%||$27 225 409 135|
|6||USDC||USD Coin predictions||94.8%||1||$1.000031||-0.01%||0.01%||$25 532 133 625|
|7||STETH||Lido stETH predictions||92%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|8||WTRX||Wrapped TRON predictions||85.2%||24||$0.088292||4.10%||5.99%||$8 977 186 451|
|9||ADA||Cardano predictions||91.6%||6||$0.251514||1.88%||2.61%||$8 835 312 768|
|10||DOGE||Dogecoin predictions||90%||4||$0.061731||1.06%||0.25%||$8 716 622 382|
|11||SOL||Solana predictions||84.8%||20||$20.15||4.81%||2.65%||$8 320 025 559|
|12||TRX||TRON predictions||84%||22||$0.088863||4.54%||6.44%||$7 915 896 490|
|13||TON||Toncoin predictions||60.4%||84||$2.23||1.65%||-2.84%||$7 660 748 928|
|14||DAI||Dai predictions||95.2%||1||$0.999533||-0.04%||0.01%||$5 345 391 790|
|15||DOT||Polkadot predictions||90%||7||$4.09||1.18%||1.62%||$5 023 915 784|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.