Applied Blockchain, a crypto mining company focused on building co-hosting facilities for other miners, filed on Monday with the SEC to raise up to $75 million in an initial public offering. The company is currently listed on the OTC (APLD).
Applied Blockchain is actively mining cryptoassets and developing hosting services offered to other crypto miners. Its initial mission was to quickly scale a large mining operation focused on mining Bitcoin and Ethereum. As a result of changes to Chinese regulations of crypto mining, the company decided to locate its mining hardware in North America and also began to explore other co-hosting locations. By July 2021, Applied Blockchain entered into a co-hosting agreement with Coinmint, had our initial order of mining equipment delivered and installed at Coinmint's co-hosting facility, and began its mining operations. The company has ordered additional mining equipment, which it expects to be delivered and installed in the 4Q21 in its first co-hosting facility which is currently under construction.
The Dallas, TX-based company was founded in 2001 and plans to list on the Nasdaq under the symbol APLD. B. Riley Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
