Stronghold Digital Mining to Attract Up to $106M on Nasdaq Public Listing

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US mining company Stronghold Digital Mining with a focus on the use of green energy expects to raise $94-106 million following an IPO on Nasdaq, according to the SEC filling.

Investors will be offered 5.9 million shares in the $16- $18 price range. The underwriters will have an option to purchase an additional 882,000 securities. The placement is organized by Tudor, Pickering, Holt & Co.

The shares may be listed under the ticker SDIG.

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

The company has a fleet of 3,000 miners with a hash rate of 185 PH/s. The company plans to bring its capacity to 2,100 PH/s by December 2021 and to 8,000 PH/s by the end of next year.

Stronghold Digital Mining converts waste coal into energy used to mine Bitcoin. The state of Pennsylvania, where the company is based, has given this energy carrier a green status along with hydropower.

Stronghold Digital Mining plans to sell the mined cryptocurrencies only to cover operating costs and capital investments.