Bitcoin

Bitcoin mining operator Northern Data would consider going public for $ 500 million

Major European bitcoin mining company Northern Data (BTC) is considering going public in the US.

Germany-based Northern Data plans to raise up to $ 500 million in its initial public offering, Bloomberg reported on February 22nd. According to anonymous people familiar with the matter, the company is working with Swiss investment bank Credit Suisse to continue its IPO.

According to the message, The company is considering making a new share sale later in 2021 to strengthen Northern Data’s shareholder base and global profile. Northern Data’s shareholders include investors like Galaxy Digital’s founder, Mike Novogratz, as well as companies like the investment firm Cryptology Asset Group and EOS developer Block.one.

Bitcoin mining operator Northern Data would consider going public for $ 500 million
Bitcoin mining operator Northern Data would consider going public for $ 500 million

Northern Data has been listed on the German OTC market since 2015, where stocks rose more than 300% over the past year. At the end of this edition, lNorthern Data stock is trading at € 112 ($ 136), down more than 11% in the past 24 hours amid a huge sell-off in the cryptocurrency marketaccording to data from Bloomberg.

Source: Bloomberg

Northern Data, headquartered outside the German financial center of Frankfurt, operates mining data centers in areas with cheap electricity. The largest facility in Rockdale, Texas, is one of the largest crypto mining facilities in the world with a planned capacity of 1 GWh by the end of 2021. The company reportedly started out as a bitcoin miner but later moved into operational data centers on behalf of clients.

Credit Suisse declined to comment on its participation in Northern Data’s IPO on Cointelegraph. As previously reported, Credit Suisse was once one of the sponsors of the IPO of bitcoin mining giant Canaan Creative. However, the bank withdrew its stake in November 2019 due to concerns about the adequacy of the contract.

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

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