Stronghold Digital Pricing Its IPO At $ 16- $ 18 Per Share

Stronghold Digital, the bitcoin mining company that converts waste coal into electricity for its operations, plans to raise between $ 94 million and $ 106 million in an initial public offering, according to a deposit with the United States Securities and Exchange Commission (SEC).

  • Existing shareholders – including Q Power, which is controlled by company co-chairs Greg Beard and Bill Spence – will own 87% of the total voting shares outstanding.
  • Stronghold operates 3,000 miners, with a hashrate capacity of approximately 185 petahash per second. It plans to increase its total hash capacity to over 2,100 PH / s by December and to over 8,000 PH / s by December 2022.
  • B. Riley Securities and Cowen act as joint bookkeepers. Tudor, Pickering, Holt & Co. is acting as lead manager, and DA Davidson & Co., Compass Point and Northland Capital Markets are acting as co-managers for the proposed offering.
  • The company intends to list its Class A common shares on the Nasdaq Global Market under the symbol “SDIG”.
  • The minor’s operations are fed through reclamation of waste coal sites across Pennsylvania. The company removes waste coal from batteries and burns it in an “emission-controlled” manner at its facilities.
  • The environmental impact of crypto mining has been at the forefront of investor concerns as the industry needs a large amount of energy to power its operations.
  • Another miner, Gryphon Digital Mining, which goes public through the reverse takeover of Sphere 3D, said it plans to to create “The world’s largest fully integrated pure play bitcoin miner with a zero carbon footprint.”

Read more: Stronghold Digital Mining Raises $ 105 Million To Turn Waste Coal Into Bitcoin

UPDATE (OCT 13, 3:03 PM): Replaces the photo.



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