Stronghold Digital raises IPO price to $19 per share

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 – $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.

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