- Existing shareholders – including Q Power, which is controlled by the company’s co-chairmen, Greg Beard and Bill Spence – will hold 87% of the total voting shares outstanding.
- Stronghold operates 3,000 miners, with a hashrate capacity of about 185 petahash per second. It plans to bring its total hashrate capacity to more than 2,100 PH/s by December and to more than 8,000 PH/s by December 2022.
- B. Riley Securities and Cowen are acting as joint book-running managers. Tudor, Pickering, Holt & Co. is serving as lead manager, and D.A. Davidson & Co., Compass Point and Northland Capital Markets are acting as co-managers for the proposed offering.
- The company intends to list its Class A common stock on the Nasdaq Global Market under the ticker “SDIG.”
- The miner’s operations are powered through the reclamation of coal refuse sites across Pennsylvania. The company removes coal waste from piles and burns it in an “emissions-controlled manner” at its facilities.
- The environmental impact of crypto mining has been at the forefront of investors’ concerns because the industry requires a large amount of energy to power its operations.
UPDATE (OCT 13, 15:03): Replaces photo.
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