Northern Data, one of the largest Bitcoin mining facility operators based in Germany, is planning for an initial public offering (IPO) in the United States, according to a recent Bloomberg report.
The company is aiming to raise $500 million with the public listing and is already working with Swiss investment bank, Credit Swisse. It intends to issue new shares, without taking routes of direct listing or SPAC merger, that will increase its shareholder base.
The anonymous sources of the publication further detailed that Northern Data is eying to expand its global profile with the IPO that could go ahead later this year.
Operating the World's Largest Bitcoin Mining Farm
Though based in Frankfurt, Germany, the mining facilities of the Northern Data are located in a region with an abundance of cheap electricity. It operates a facility in Rockdale, Texas, which is the largest known Crypto Mining facility in the world with a planned capacity of 1 GWh by the end of 2021.
Founded and led by Aroosh Thillainathan, Northern Data has also changed its business model over the years and operates facilities on behalf of other crypto miners.
Northern Data is backed by Christian Angermayer and Mike Novogratz-backed Cryptology Asset Group and EOS developer, Block.one. Additionally, shares of the company have been listed on the German over-the-counter (OTC) exchange since 2015. With the gain in Bitcoin and cryptocurrency demand, the value of the company shares tripled last year.
The German company is one of the many crypto companies which have been making a public debut this year. Meanwhile, the US market remained a favorite among international crypto companies as many top Chinese miners are also attempting public listing.
