Mining company Stronghold goes to IPO in the USA

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A large Pennsylvania cryptocurrency miner plans to put up nearly 6 million shares for auction and thereby expand its ASIC miner fleet.

Stronghold intends during the IPO
sell securities at a price of $ 16- $ 18 per share and thus raise in the course of the IPO from $ 94 to $ 106 million, the company said in a statement filed with the US Securities and Exchange Commission (SEC). The company intends to list Class A (non-voting) ordinary shares on the Nasdaq under the ticker “SDIG”.

Key Stronghold shareholders, including Q Power, chaired by Greg Beard and Bill Spence, will continue to hold 87% of the total stake following the IPO.

Stronghold Technopark has about 3,000 ASIC miners with a hash rate of about 185 Px / s. The company plans to bring the total hashrate to over 2,100 Px / s by December 2021 and over 8,000 Px / s by December 2022.

Each mining company uses different methods to increase their cryptocurrency mining capacity. For example, Marathon Digital took a $ 100 million loan from Silvergate Bank to buy equipment and finance mining operations. Another company CleanSpark, despite the current tendency of mining companies to accumulate bitcoins, acquired 4,500 ASIC miners for the mined cryptocurrency.

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