Stronghold Digital Mining to raise $105m in Nasdaq IPO

July 28, 2021

Stronghold Digital Mining to raise $105m in Nasdaq IPO

US mining company Stronghold Digital Mining, with a focus on green energy, expects to raise $105m in an IPO on Nasdaq.

The stock may be listed under the ticker SDIG.

Stronghold Digital Mining converts coal dumps into energy used to mine bitcoin. The Pennsylvania regulator, where the company is based, has given the energy carrier green status on a par with hydroelectric power.

The firm has a fleet of 1,800 ASIC devices with a hash rate of 85 PH/s.

In April, Stronghold Digital Mining agreed to supply 27,300 miners with a processing capacity of 2,600 PH/s. The company expects to increase the cumulative hash rate to 3,000 PH/s by the end of this year and to 5,300 PH/s by the end of next year.

The company estimates that once the equipment is deployed, the cost of mining one bitcoin will be $3,000.

Stronghold Digital Mining plans to sell the mined coins only to cover operating costs and capital investment. Coinbase Global is storing the coins.

As a reminder, the mining company raised $105m in two private placements in June.

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