Bitcoin Miner Rhodium’s Planned IPO Values It at Up to $1.7B

The miner priced its upcoming initial public offering at $12-$14 per share.

AccessTimeIconJan 13, 2022 at 2:31 p.m. UTC
Updated May 11, 2023 at 7:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin miner Rhodium Enterprises plans to offer 7.69 million shares at $12-$14 each in an initial public offering (IPO), according to its U.S. Securities and Exchange Commission (SEC) filing.

  • After the IPO, the company will have about 56.8 million class A and 67.5 million class B shares outstanding, implying a market cap of between $1.49 billion to $1.74 billion.
  • The company will use proceeds from the IPO to repay its outstanding debt and accrued interest under its bridge loan, totaling approximately $31 million as of Sept. 30. Rhodium will also use the funds to build new sites and for general corporate purposes, including the purchase of mining machines.
  • The company will trade under the ticker RHDM on Nasdaq.
  • As of Dec. 31, Rhodium had about 125 megawatts (MW) of mining power capacity at its Texas site, which is able to run more than 33,600 miners with a total combined hash rate capacity of approximately 2.7 exahash per second.
  • On Oct. 29, Rhodium said it plans to raise up to $100 million in an IPO and said it expects to use its liquid-cooling technology to mine bitcoin more efficiently.
  • What's Stopping Congress From Passing Crypto Regulation?
    00:56
    What's Stopping Congress From Passing Crypto Regulation?
  • Sen. Lummis Addresses Algorithmic Stablecoin Ban in New Bill
    19:02
    Sen. Lummis Addresses Algorithmic Stablecoin Ban in New Bill
  • Why Bitcoin May Fall to $52K
    14:59
    Why Bitcoin May Fall to $52K
  • JPMorgan Expects Bitcoin to Drop After Halving; New Zealand Starts Digital Cash Consultation
    02:15
    JPMorgan Expects Bitcoin to Drop After Halving; New Zealand Starts Digital Cash Consultation
  • CORRECTION (Jan. 13, 22:54 UTC): Corrects market capitalization to include class B shares.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about