Bitcoin mining operator Northern Data reportedly considering $ 500 million IPO

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Northern Data, a large European Bitcoin (BTC) mining company, is reportedly considering going public in the United States.

Northern Data, based in Germany, plans to raise up to $ 500 million as part of its IPO, or IPO, Bloomberg reported on February 22. The company is working with Swiss investment bank Credit Suisse to complete the IPO, anonymous people familiar with the matter said the publication.

According to the report, the company plans to sell new shares later in 2021, with the intention of strengthening Northern Data’s shareholder base as well as its global profile. Northern Data shareholders include investors such as Galaxy Digital founder Mike Novogratz, as well as companies such as investment firm Cryptology Asset Group and developer EOS Block.one.

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Northern Data has been listed on the German over-the-counter market since 2015, where the stock has jumped over 300% in the past year. At time of publication, Northern Data’s stock is trading at 112 euros ($ 136), down more than 11% in the past 24 hours amid a major sell-off in the crypto market, data shows. from Bloomberg.

Source: Bloomberg

Based in the outer parts of the German financial center of Frankfurt, Northern Data operates mining data centers in areas where electricity is cheap. Its largest facility, located in Rockdale, Texas, is one of the largest cryptocurrency mining facilities in the world with a planned capacity of 1 GWh by the end of 2021. The company is said to have started as a Bitcoin miner, but then moved to operating data centers on behalf of clients.

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Credit Suisse declined to comment on its involvement in the Northern Data IPO at TBEN. As previously reported, Credit Suisse was once a backer for Bitcoin mining giant Canaan Creative. However, the bank waived its involvement due to concerns over the sufficiency of the order in November 2019.

Northern Data did not immediately respond to TBEN’s request for comment.