Stronghold Digital Mining, a crypto asset mining company powered by alternative energy, announced terms for its IPO on Wednesday.
The New York, NY-based company plans to raise $100 million by offering 5.9 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Stronghold Digital Mining would command a market value of $770 million.
Stronghold is a vertically integrated crypto asset mining company currently focused on mining Bitcoin. The company wholly-owns and operates a low-cost, environmentally-beneficial coal refuse power generation facility, stating that it is committed to generating its energy and managing its assets sustainably. It currently operates approximately 3,000 crypto asset mining computers (miners) with hash rate capacity of approximately 185 petahash per second (PH/s). The company has entered into definitive agreements with three suppliers to purchase approximately 26,150 additional miners with a total hash rate capacity equal to over 2,500 PH/s.
Stronghold Digital Mining was founded in 2021 and booked $10 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol SDIG. B. Riley Securities and Cowen are the joint bookrunners on the deal. It is expected to price during the week of October 18, 2021.
