Rhodium Enterprises plans to raise up to $100 million through an IPO

The Delaware-based mining company Rhodium Enterprises has filed with the SEC filing for an initial public offering (IPO) on the Nasdaq under the ticker RHDM.

The price range was not disclosed. B. Riley Securities has been named the bookrunner for the offering.

Rhodium Enterprises began operations in September 2020. For the first half of 2021, with revenue of $48.2 million, the company posted net income of $14.9 million.

The filing states that the company has patented a liquid-cooling technology that extends the lifespan of mining rigs by 30–50%.

Mining is conducted using 22,600 ASIC devices, consuming a total of 80 MW. Their hash rate is around 1.8 EH/s. The production facility is located in Texas. By April 2022, the company will launch another mining center.

The funds raised from the IPO will be used, among other things, to increase capacity by 45 MW by year-end and raise the hash rate to 2.7 EH/s.

Earlier, in October, the Australian mining company Iris Energy filed with the SEC for a stock offering.  

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