Stronghold Digital Sets IPO Price at $16-$18 a Share

Stronghold Digital Sets IPO Price at $16-$18 a Share

Stronghold Digital, the bitcoin mining firm that converts coal waste into energy for its operations, plans to boost between $94 million and $106 million in an preliminary public providing, in accordance with a filing with the U.S. Securities and Exchange Commission (SEC).

  • Existing shareholders – together with Q Power, which is managed by the corporate’s co-chairmen, Greg Beard and Bill Spence – will maintain 87% of the entire voting shares excellent.
  • Stronghold operates 3,000 miners, with a hashrate capability of about 185 petahash per second. It plans to deliver its complete hashrate capability to greater than 2,100 PH/s by December and to greater than 8,000 PH/s by December 2022.
  • B. Riley Securities and Cowen are performing as joint book-running managers. Tudor, Pickering, Holt & Co. is serving as lead supervisor, and D.A. Davidson & Co., Compass Point and Northland Capital Markets are performing as co-managers for the proposed providing.
  • The firm intends to listing its Class A standard inventory on the Nasdaq Global Market below the ticker “SDIG.”
  • The miner’s operations are powered by the reclamation of coal refuse websites throughout Pennsylvania. The firm removes coal waste from piles and burns it in an “emissions-controlled method” at its amenities.
  • The environmental influence of crypto mining has been at the forefront of traders’ considerations as a result of the business requires a great amount of vitality to energy its operations.
  • Another miner, Gryphon Digital Mining, which goes public by the reverse takeover of Sphere 3D, mentioned it’s planning to create “the world’s largest totally built-in pure play bitcoin miner with zero carbon footprint.”

Read extra: Stronghold Digital Mining Raises $105M to Turn Waste Coal Into Bitcoin

UPDATE (OCT 13, 15:03): Replaces photograph.

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