Stronghold Digital Upsizes IPO Price to $19 a Share

Pennsylvania-based bitcoin mining company Stronghold Digital has upsized its initial public offering (IPO) to $19 per share, with plans to raise $127 million.

• Shares are expected to commence trading on the Nasdaq Global Market today on Wednesday under the ticker symbol “SDIG,” the company announced.

• The company expects to receive around $114.8 million of the $127 million raised, which it will use to acquire new miners and power-generating assets.

• The miner upsized its IPO price from the previously announced range of $16- $18 per share. It had planned to raise $94 million to $106 million as per its filing with the U.S. Securities and Exchange Commission on Oct. 13.

• Stronghold, which coverts coal waste into mining power, 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.

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