Stronghold Digital Mining to raise up to $106m in Nasdaq IPO

October 28, 2021

Stronghold Digital Mining to raise up to $106m in Nasdaq IPO

US mining company Stronghold Digital Mining with a focus on green energy expects to raise $94-$106 million in its IPO on Nasdaq. These figures are contained in a filing to the SEC.

Investors will be offered 5.9 million shares in the $16-$18 price range. Underwriters will have the option to purchase an additional 882,000 securities. The offering is being arranged by Tudor, Pickering, Holt & Co.

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The shares may be listed under the ticker symbol SDIG.

The funds will be used to acquire ASIC devices and energy-generating assets.

The firm has a fleet of 3,000 miners with a hash rate of 185 PH/s. The company plans to boost the latter to 2,100 PH/s by December 2021 and to 8,000 PH/s by the end of next year.

Stronghold Digital Mining converts coal waste into energy used for bitcoin mining. The state of Pennsylvania, where the company is based, has given the energy carrier green status on a par with hydroelectric power.

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

The mining company previously raised $105m in two private placements.

As a reminder, green mining-focused Gryphon Digital Mining announced its entry to the exchange through a reverse merger with data management provider Sphere 3D.

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