Report: Bitcoin Mining Firm Northern Data AG Plans for a $500 Million IPO
While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States.
Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works
Recent reports say that Northern Data AG, the mining operation that mines bitcoin (BTC), is planning to IPO in the near future. Bloomberg reveals that “sources familiar with the matter” have told the publication that Northern Data AG is “working with Credit Suisse Group AG.”
Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm.
At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a “leading global player” in the bitcoin mining industry. Northern Data claims the mining site in the U.S. state of Louisiana will be “by far the largest bitcoin mining facility worldwide with a capacity of one gigawatt on an area of over 100 acres in Texas.”
The Bloomberg report reveals that Northern Data’s IPO could happen this year and the sale of the company’s shares would increase shareholders.
Northern Data’s shares already swap over-the-counter (OTC) on Deutsche Börse’s Xetra. Since bitcoin (BTC) prices tumbled during the last 48 hours, Northern Data’s shares sold on Xetra are down -11.51% today. However, the company’s stock has jumped 3x already this year alone since BTC’s climatic price rise.
Company Aims to Complete 1-Gigawatt US Bitcoin Mining Operation by the End of 2021
Northern Data also reportedly owns and operates a renewable energy bitcoin mining site in Norway. The bitcoin mining operation is led by CEO Aroosh Thillainathan and the massive U.S. mining site is being constructed in three phases.
Besides the other mining sites, the Rockdale, Texas facility aims to be the company’s largest to date. With two more months left in Q1 2021, Northern Data is hoping to finish the 1-gigawatt establishment by the year’s end.
Back in 2019, Thillainathan, the cofounder of Whinstone US at the time, said “the joint [partnership] has the immediate potential to shape the future course of the global mining industry.” Reports of Northern Data’s alleged IPO follow the upcoming Coinbase direct sale, as the San Fransico company has been valued at $100 billion. Northern Data’s IPO aims to raise $500 million according to sources.
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