Stronghold Digital Upsizes IPO Price to $19 a Share

Shares are expected to commence trading on the Nasdaq Global Market today under the ticker symbol “SDIG.”

By Jamie Crawley

Oct 20, 2021 at 10:23 a.m. UTC

Updated Oct 20, 2021 at 7:32 p.m. UTC

Stronghold's power plant in Northeastern Pennsylvania. (Stronghold)

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Pennsylvania-based bitcoin mining company Stronghold Digital has upsized its initial public offering (IPO) to $19 per share, with plans to raise $127 million.

Shares are expected to commence trading on the Nasdaq Global Market today on Wednesday under the ticker symbol “SDIG,” the company announced.
The company expects to receive around $114.8 million of the $127 million raised, which it will use to acquire new miners and power-generating assets.
The miner upsized its IPO price from the previously announced range of $16- $18 per share. It had planned to raise $94 million to $106 million as per its filing with the U.S. Securities and Exchange Commission on Oct. 13.
Stronghold, which coverts coal waste into mining power, 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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.