Rhodium Enterprises, a fully integrated bitcoin miner with a planned 100 megawatt capacity, announced terms for its IPO on Thursday.
The company plans to raise $100 million by offering 7.7 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Rhodium Enterprises would command a market value of $1.6 billion.
Rhodium strives to create innovative technologies to be the most sustainable and cost-efficient producer of bitcoin in the industry. The cornerstone of the company's infrastructure platform is its proprietary liquid-cooling technology, which it believes presents advantages over traditional air-cooled systems. Rhodium believes it is one of the largest liquid-cooled bitcoin mining sites in the world, with 100 MW of liquid-cooled miners online as of December 31, 2021.
Rhodium Enterprises was founded in 2020 and booked $87 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol RHDM. B. Riley Securities and Cowen are the joint bookrunners on the deal. It is expected to price during the week of January 17, 2022.
