Us Bitcoin mining company Stronghold Digital Mining will list almost six million shares in an initial public offering (IPO) on the Nasdaq.

Stronghold plans to list 5,882,352 Class A common stock shares priced betwixt $16 and $xviii under the ticker "SDIG." Taking the boilerplate proposed offering cost puts the IPO at around $100 1000000.

The Kennerdell, Pennsylvania-based firm get-go filed with the Securities and Substitution Commission for a Nasdaq IPO in July. Information technology volition fund an almost 900% expansion in capacity in the coming year. The concluding prospectus has already been filed with the SEC, but information technology has all the same to become constructive.

Stronghold plans to get the first North American crypto mining company to go public through an bodily IPO, co-ordinate to Nasdaq. This is different from the now pop direct listing and Special Purpose Acquisition Companies (SPAC) avenues.

Stronghold intends to grant underwriters or intermediaries that help the firm set up for the offering a 30-mean solar day option to purchase every bit many as 882,352 additional shares of its stock at the IPO price, in addition to the 5.8 million offering to the public.

B. Riley Securities, Inc. and Cowen will be acting every bit articulation volume-running managers, while Tudor, Pickering and Holt & Co. are serving every bit lead managers.

Stronghold describes itself as an "emerging growth company," which currently operates approximately 3,000 crypto miners with a hash charge per unit capacity of around 185 petahash per second (PH/s), according to the prospectus.

Information technology stated that it has entered into agreements with 3 suppliers to provide an additional 26,150 miners with a total hash rate capacity of over 2,500 PH/due south. Delivery of 72% of them has been scheduled for commitment this year, with the remainder being delivered in 2022.

Stronghold intends to acquire even more hardware with the proceeds of the IPO as an additional 55,800 miners have been planned.

Related: U.s. miner raises $105M to recycle waste matter coal into crypto

The business firm owns and operates the "Scrubgrass Plant" in Pennsylvania, which has been recognized equally an culling energy source since information technology converts waste coal into energy. The prospectus stated:

"We are committed to generating our free energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations."

Update: Post-obit the publication of this article, MicroStrategy founder Michael Saylor tweeted an endorsement:

Bitcoin grows stronger each time a miner goes public.