- Stronghold Digital Mining has filed an S-1 form with the U.S. SEC.
- The Bitcoin mining company files a $100 million initial public offering for Nasdaq.
- Stronghold focuses on converting coal waste directly into value through Bitcoin mining.
Stronghold Digital Mining, a Bitcoin mining company, has filed an S-1 form with the U.S. SEC for a $100 million initial public offering (IPO). More so, the firm plans to list its Class A common stock on Nasdaq with the ticker SDIG.
Of note, Stronghold’s Bitcoin mining operations are powered through the reclamation of coal refuse sites across Pennsylvania. Their business is mainly focused on converting coal waste directly into value through Bitcoin mining.
To give a background about waste coal, when rain or snow meets sulfur-rich waste coal dumps, it causes large water polluter called waste coal acid mine drainage (AMD). This AMD runs off and contaminates nearby streams and rivers, which threatens aquatic life.
Thus, by converting the waste coal into power to mine Bitcoin, Stronghold seeks to restore the usability of geographical areas that AMD had previously ruined. In fact, last month, the company claimed to have eliminated over 200 tons of waste coal for each Bitcoin mined.
According to Bitcoin Magazine, the ESG-friendly and vertically-integrated bitcoin mining company has raised $105 million in two private placements of equity securities.
Currently, Stronghold operates an estimated 1,800 Bitcoin mining rigs with a total hasj rate capacity of 85 petahashes per second (PH/s). Respectively, they entered into three agreements with multiple suppliers to purchase over 27,300 additional miners. Whereas, the vast majority is expected to be delivered in 2021 based on the filing.
Lastly, Stronghold shares that it intends to use part of the IPO proceeds to buy additional miners while it aims to increase its hash rate capacity. Also, they will sell Bitcoin for fiat currency from time to time to cover operating costs based on their internal cash management policy.