Stronghold Digital Mining Plans to Raise Up to $106M After NASDAQ Listing
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US mining company Stronghold Digital Mining, focused on the use of green energy, plans to raise $94-106 million after going public on the NASDAQ.

According to the application filed with the US Securities and Exchange Commission (SEC), investors will be able to raise $94-106 million after going public on the NASDAQ. Investors will be offered 5.9 million shares in the $16 to $18 price range. Underwriters will have the opportunity to purchase an additional 882,000 shares. The placement is being organized by Tudor, Pickering, Holt & Co.

The shares could be launched on the NASDAQ under the ticker SDIG.

Stronghold Digital Mining will use the funds raised to purchase ASIC devices and power-generating assets.

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The company's equipment fleet consists of 3,000 miners with a hashrate of 185 PH/s. Stronghold Digital Mining plans to increase this figure to 2,100 PH/s by December 2021 and 8,000 PH/s by the end of 2022.

Stronghold Digital Mining converts waste coal into energy that is used to mine Bitcoin. The state of Pennsylvania, where the company is headquartered, has granted it the status of green and hydroelectric power.

Stronghold Digital Mining plans to sell the mined cryptos only to cover operating costs and capital expenditures. The custodian is Coinbase Global.

Stronghold Digital Mining has previously raised $105 million in two private placements.

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