While the public prepares for the upcoming Coinbase public offering, the mining firm Northern Data AG is reportedly planning to go public as well. Sources say that the mining business is in talks with Credit Suisse Group to launch an initial public offering (IPO) in the United States.
Report: Sources Say Northern Data AG IPO for $500 Million Is in the Works
Recent reports say that Northern Data AG, the mining operation that mines bitcoin (BTC), is planning to IPO in the near future. Bloomberg reveals that â€œsources familiar with the matterâ€ have told the publication that Northern Data AG is â€œworking with Credit Suisse Group AG.â€
Northern Data claims to be one of the largest mining operations worldwide and on November 18, 2019, the German company teamed up with Whinstone US, Inc., a Louisiana-based firm.
At that time, Northern Data detailed that the merger agreement with its U.S. competitor Whinstone would position the firm as a â€œleading global playerâ€ in the bitcoin mining industry. Northern Data claims the mining site in the U.S. state of Louisiana will be â€œby far the largest bitcoin mining facility worldwide with a capacity of one gigawatt on an area of over 100 acres in Texas.â€
The Bloomberg report reveals that Northern Dataâ€™s IPO could happen this year and the sale of the companyâ€™s shares would increase shareholders.
Northern Dataâ€™s shares already swap over-the-counter (OTC) on Deutsche BÃ¶rseâ€™s Xetra. Since bitcoin (BTC) prices tumbled during the last 48 hours, Northern Dataâ€™s shares sold on Xetra are down -11.51% today. However, the companyâ€™s stock has jumped 3x already this year alone since BTCâ€™s climatic price rise.
Company Aims to Complete 1-Gigawatt US Bitcoin Mining Operation by the End of 2021
Northern Data also reportedly owns and operates a renewable energy bitcoin mining site in Norway. The bitcoin mining operation is led by CEO Aroosh Thillainathan and the massive U.S. mining site is being constructed in three phases.
Besides the other mining sites, the Rockdale, Texas facility aims to be the companyâ€™s largest to date. With two more months left in Q1 2021, Northern Data is hoping to finish the 1-gigawatt establishment by the yearâ€™s end.
Back in 2019, Thillainathan, the cofounder of Whinstone US at the time, said â€œthe joint [partnership] has the immediate potential to shape the future course of the global mining industry.â€ Reports of Northern Dataâ€™s alleged IPO follow the upcoming Coinbase direct sale, as the San Fransico company has been valued at $100 billion. Northern Dataâ€™s IPO aims to raise $500 million according to sources.
What do you think about Northern Data reportedly planning to IPO with Credit Suisse Group AG? Let us know what you think about this subject in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.