Stronghold Digital Mining Files for $100M IPO
27 Jul, 2021•1 min read•Mining
Stronghold Digital Mining, the alternative energy-powered bitcoin miner, has registered for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).
The Pennsylvania-based Stronghold filed its S-1 form Tuesday with the SEC proposing a $100 million IPO. The firm intends to list its Class A common stock on the Nasdaq Global Market under the ticker "SDIG". Stronghold converts waste coal, a material left over from coal mining, into power used to mine bitcoin. Waste coal is classed as an alternative energy source, on par with hydropower for its environmental impact. In June, Stronghold raised $105 million in a funding round with contributions from MG Capital and Greg Beard, a former senior partner at private equity firm Apollo Global Management. Beard is now listed as Stronghold's co-chairman and CEO.