Stronghold Digital Sets IPO Price at $16-$18 a Share

Stronghold Digital, the bitcoin mining company that converts coal waste into power for its operations, plans to raise between $94 million and $106 million in an initial public offering, according to a filing with the U.S. Securities and Exchange Commission (SEC).

Existing shareholders – including Q Power, which is controlled by the company’s co-chairmen, Greg Beard and Bill Spence – will hold 87% of the total voting shares outstanding.Stronghold operates 3,000 miners, with a hashrate capacity of about 185 petahash per second. It plans to bring its total hashrate capacity to more than 2,100 PH/s by December and to more than 8,000 PH/s by December 2022.B. Riley Securities and Cowen are acting as joint book-running managers. Tudor, Pickering, Holt & Co. is serving as lead manager, and D.A. Davidson & Co., Compass Point and Northland Capital Markets are acting as co-managers for the proposed offering.The company intends to list its Class A common stock on the Nasdaq Global Market under the ticker “SDIG.”The miner’s operations are powered through the reclamation of coal refuse sites across Pennsylvania. The company removes coal waste from piles and burns it in an “emissions-controlled manner” at its facilities.The environmental impact of crypto mining has been at the forefront of investors’ concerns because the industry requires a large amount of energy to power its operations.Another miner, Gryphon Digital Mining, which is going public through the reverse takeover of Sphere 3D, said it’s planning to create “the world’s largest fully integrated pure play bitcoin miner with zero carbon footprint.”

Read more: Stronghold Digital Mining Raises $105M to Turn Waste Coal Into Bitcoin

UPDATE (OCT 13, 15:03): Replaces photo.

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