As the public prepares for Coinbase’s upcoming public offering, mining company Northern Data AG is reportedly planning to go public as well. According to sources, the mining business is in talks with Credit Suisse Group to launch an IPO in the US.
Report: Sources say Northern Data AG is in the process of going public for $ 500 million
Recent reports say Northern Data AG, the mining company that mines Bitcoin (BTC) plans to go public in the near future. Bloomberg revealed that “sources familiar with the matter” advised the publication that Northern Data AG “is working with Credit Suisse Group AG”.
Northern Data claims to be one of the largest mining operations in the world. On November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based company.
At that time Northern Data detailed that the merger agreement with its US competitor Whinstone would position the company as a “leading global player” in the Bitcoin mining industry. Northern Data claims the Louisiana mining site will be “by far the largest one gigawatt bitcoin mining facility in the world, covering over 100 acres in Texas.”
The Bloomberg report shows that Northern Data’s IPO could take place this year and the sale of the company’s shares would raise shareholders.
Northern Data’s shares are already being exchanged over the counter (OTC) on the Xetra of Deutsche Börse. Since Bitcoin (BTC) Prices have fallen in the last 48 hours. Northern Data stocks sold on Xetra are down -11.51% today. However, this year alone, the company’s stock has risen three times this year BTCclimatic price increase.
The company aims to complete 1 gigawatt bitcoin mining in the US by the end of 2021
Northern Data reportedly also owns and operates a bitcoin renewable energy mining site in Norway. Bitcoin mining will be led by CEO Aroosh Thillainathan and the massive US mining site will be built in three phases.
Alongside the other mining locations, the Rockdale, Texas facility is expected to be the company’s largest to date. With two more months in the first quarter of 2021, Northern Data hopes to have the 1-gigawatt system ready by the end of the year.
As early as 2019, Thillainathan, then co-founder of Whinstone US, said: “The joint [partnership] has the immediate potential to shape the future course of the global mining industry. “Reports of the alleged initial public offering of Northern Data follow the imminent direct sale of Coinbase, as did San Fransico estimated at $ 100 billion. Northern Data’s initial public offering aims to raise $ 500 million, according to sources.
What do you think of Northern Data, which is reportedly planning an IPO with Credit Suisse Group AG? Let us know what you think on this matter in the comments section below.
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