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Stronghold digital mining files for $100M IPO

Wex

TL;DR Breakdown

  • Stronghold has filed the S-1 form to go public with an estimated 100 million dollars IPO.
  • Stronghold will list its A-stock on the Nasdaq Global Market under SDIG.

Strongholds Digital, a mining company, could soon list around six million shares for an IPO on Nasdaq. With the recent craze in crypto, it’s an exciting time for Stronghold. Their IPO has been planning on pricing up 5,882,352 shares from $16-$18 per share. The average proposed price puts this at around 100 million dollars.

When it comes to financing, the team at Kennerdell has their sights set on going big. Stronghold first filed for a Nasdaq IPO in July. With the developments, they will increase operational capacity by almost 900% over this coming year alone. A final prospectus hasn’t been released yet, but you can bet they’ll make sure that it’s as enlightening and engaging as possible before hitting these shores.

The first company to go public with their IPO

It’s no secret that the cryptocurrency mining industry is booming, and it looks like North American company, Stronghold plans to cash in on this trend. They will become one of only a few companies that have gone public with their IPO through an actual stock market listing. This differs from other famous avenues such as Direct Listing or Special Purpose Acquisition Company.

Underwriters and intermediaries will be granted a 30-day option to help Stronghold prepare for its upcoming IPO. The 882K shares offered in addition to these offerings means potential earnings of $14 million from this option.

The B. Riley Securities, Inc., a leading independent dealer in New York City and Cowen are the joint-book managers for this public offering. Lead managers picked Tudor Pickering & Holt LLC to manage it successfully.

Currently, there are three thousand bitcoin miners with a capacity of around 185 Petahash per second, and they operate on behalf of the company. These numbers may change as we get closer to listing day, but these figures seem promising enough for the growing firm so far.

Need for extra miners

Miners are a critical component for any cryptocurrency mining operation. With the recent rise in value, many people want to jump into this lucrative business opportunity to yield significant returns on investment with little risk or capital outlay required.

The company reached a consensus with three suppliers to offer an extra 26,150 miners. These will be combined to give 2500 PH/s at their peak hashing power. Delivery is 72%, while the rest is expected by the end of 2022.

Strong Hold plans to expand its hardware with the earnings from this IPO. They plan on acquiring 55,800 more miners.

Edith Muthoni

Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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