As the public prepares for the upcoming Coinbase public sale, according to reports, mining company Northern Data AG also plans to go public. According to sources, the mining sector is in talks with Credit Suisse Group to conduct an initial public offering (IPO) in the United States.
Report: Sources say Northern Data AG is conducting a $500 million IPO
According to recent reports, the mining company Northern Data AG, which mines Bitcoin (BTC), plans to conduct an IPO in the near future. Bloomberg revealed that “sources familiar with the matter” told the publication that Northern Data Corporation is “cooperating with Credit Suisse Group.”
Northern Data Corporation claims to be one of the world’s largest mining operations. On November 18, 2019, this German company cooperated with Whinstone US, Inc., a company located in Louisiana.
At the time, Northern Data detailed that the merger agreement with US competitor Whinstone would make the company a “global leader” in the Bitcoin mining industry. According to Northern Data Corporation, the mine in Louisiana in the United States will be “by far the largest Bitcoin mine in the world, with a capacity of 1 GW on 100 acres of land in Texas.”
A Bloomberg report shows that Northern Data Corporation may conduct an initial public offering this year, and the sale of the company’s shares will increase the number of shareholders.
Northern Data’s shares have been traded over-the-counter (OTC) on Xetra on the Deutsche Börse. As the price of Bitcoin (BTC) plummeted in the past 48 hours, the shares sold by Northern Data on Xetra fell by -11.51% today. However, since the rise in BTC climate prices, this year alone, the company’s stock price has risen three times.
The company aims to complete 1 GW of U.S. Bitcoin mining operations by the end of 2021
According to reports, Northern Data Corporation also owns and operates a renewable energy Bitcoin mining farm in Norway. The Bitcoin mining business is led by CEO Aroosh Thillainathan, and large-scale mining sites in the United States are under construction in three phases.
Among other mining sites, the Rockdale, Texas plant aims to become the company’s largest plant to date. There are still two months to go to the first quarter of 2021, and Northern Data hopes to complete 1 GW of construction by the end of this year.
Back in 2019, Thillainathan, then co-founder of Whinstone US, said [partnership] Has the direct potential to shape the future course of the global mining industry. “Northern Data reportedly reported that the initial public offering was conducted after the upcoming Coinbase direct sale, because the San Francisco company’s market value has reached 100 billion U.S. dollars. According to sources, Northern Data’s IPO plans to raise 500 million U.S. dollars.
What is your opinion on Northern Data, which is reportedly planning an IPO with Credit Suisse Group AG? Let us know your thoughts on this topic in the comments section below.
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