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.

Jan 13, 2022 at 2:31 p.m. UTC
Updated Jan 13, 2022 at 10:54 p.m. UTC

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.

CORRECTION (Jan. 13, 22:54 UTC): Corrects market capitalization to include class B shares.

DISCLOSURE

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.

Aoyon Ashraf is crypto mining reporter with more than a decade of experience in covering equity markets