Stronghold Digital Mining Files for $100M IPO

Stronghold owns its own power plant in Northeastern Pennsylvania.

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. Pennsylvania regulators classify waste coal as an alternative energy source on par with hydropower for its environmental impact.
  • In its S-1, Stronghold said it currently operates approximately 1,800 crypto asset mining computers with hash rate capacity of roughly 85 petahash per second (PH/s). Since April 1 the company has entered into three definitive agreements with multiple suppliers to purchase over 27,300 additional miners with a total hash capacity equal to over 2,600 PH/s. 
  • 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.

UPDATE (July 21, 15:03 UTC): Updated with details about Stronghold’s business in the fourth bullet point.

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