The Frankfurt-based mining company Northern Data plans to raise $500 million through an initial public offering (IPO). Bloomberg writes, citing its own sources.
The company believes that a stock-market listing will broaden its shareholder base and cement Northern Data’s status as a global player. Credit Suisse may act as the IPO organizer. Specific timelines are not disclosed, and no further details are available.
Northern Data specializes in developing infrastructure solutions and high-performance computing, including Bitcoin mining, blockchain, the Internet of Things, artificial intelligence, and big data analytics.
The firm’s data centre in Rockdale, Texas, is positioned as the largest mining farm in the world, with a design capacity of 1 GW and an area equivalent to 57 football fields. To build it, in November 2019 the company acquired Whinstone US.
In February 2020, Northern Data forged a strategic partnership with a subsidiary of SBI Holdings, which became a resident of the data centre.
Since 2015, Northern Data’s shares have traded on Deutsche Börse’s Xetra market. Among the company’s shareholders is Galaxy Digital, Mike Novogratz’s crypto bank.
Earlier ForkLog reported on records of the market capitalization of public miners as the Bitcoin price breached the psychological threshold of $50,000.
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