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

American mining company Stronghold Digital Mining, focused on the use of green energy, is set to raise $94-$106 million from an IPO on Nasdaq. Such data are contained in the filing with the SEC.

Investors will be offered 5.9 million shares at a price range of $16-$18. The underwriters will have an option to purchase up to an additional 882,000 shares. The offering is being led by Tudor, Pickering, Holt & Co.

Shares may list under the ticker SDIG.

Funds will be used to purchase ASIC devices and energy-generating assets.

The company’s equipment fleet consists of 3,000 miners with a combined hashrate of 185 PH/s. It plans to raise that 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 this energy green status on a par with hydropower.

The company plans to sell the mined cryptocurrencies solely to cover operating costs and capital expenditures. The storage of the coins is handled by Coinbase Global.

Earlier, the mining company raised $105 million following two private placements of securities.

Gryphon Digital Mining, focused on green mining, announced plans to go public via a reverse merger with data-management provider Sphere 3D.

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