Rhodium Enterprises filed with the US Securities and Exchange Commission (SEC) for an initial public offering on January 13th. This will be the first IPO of a cryptocurrency company in 2022.
Rhodium plans to issue 7.69 million shares at $12-14 each,
says in a statement. Under the Nasdaq ticker RHDM, the company will issue 56.8 million Class A shares and 67.5 million Class B shares for a total of $1.7 billion.
Rhodium Enterprises is a mining company with production facilities in Texas, which uses its own patented technologies to mine bitcoin. Rhodium is set to become the most stable and profitable mining company in the US. If the IPO is successful, the company will be able to compete with such industry giants as Bitdeer Technologies, Bit Digital, Marathon and Riot Blockchain.
“Our infrastructure allows bitcoin to be mined at a lower cost than the industry average. From January 1 to September 30, 2021, we spent about $2,500 to mine 1 bitcoin,” says Rhodium.
The Texas farm employs over 33 thousand ASIC miners, which consume about 125 MW of power and produce 2.7 Eh / s hashrate. Through the IPO, Rhodium plans to raise $100 million in funding and open a second farm in Texas. The total capacity of farms should increase to 225 MW.
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