Applied Blockchain Files for $60M Nasdaq IPO

Enterprise blockchain firm Applied Blockchain filed to sell $60 million of shares in an initial public offering (IPO) on the Nasdaq Global Select Market.

Applied Blockchain is offering about 3.2 million shares at an estimated mean price of $18.54, according to a filing with the U.S. Securities and Exchange Commission (SEC) Friday.
The firm intends to list on the Nasdaq Global Select Market under the ticker "APLD."
Applied Blockchain, which builds data centers to host bitcoin mining operations, is currently traded on the OTC Pink, the lowest tier of the OTC Markets exchanges for trading over-the-counter stocks.
The company plans to use the money to secure sites for new co-hosting facilities, to develop those facilities and to enter into energy service agreements, among other uses, it said in the filing.
The Dallas-based firm built its first center in North Dakota, which was providing 55MW of energy to customers as of early February. In November 2021, it agreed to develop a 200MW wind-powered facility in Texas.
Underwriters have been granted a 30-day option to purchase up to an additional 485,436 (15%) of the offered common stock at the public offering price.

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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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