Bitcoin mining company Northern Data AG plans $500 million IPO

This article is from Bitcoin.com, author: Jamie Redman

Translator: Yu Shunsui, Odaily Planet Daily

As the public prepares for the upcoming Coinbase public offering, Bitcoin mining company Northern Data AG is also reportedly planning to go public in the U.S. Sources said the company is in talks with Credit Suisse Group AG for an initial public offering (IPO) in the U.S.

Northern Data AG seeking $500 million IPO, sources say

Mining company Northern Data AG is planning an IPO in the near future. According to Bloomberg, people familiar with the matter said Northern Data AG is "working with Credit Suisse Group AG" on the matter.

Northern Data claims to be one of the largest mining operations in the world, and on November 18, 2019, the German company merged with Whinstone US, Inc., based in Louisiana, USA.

At the time, Northern Data detailed that the merger agreement with US competitor Whinstone would make the company a “global leader” in Bitcoin mining. Northern Data claimed that it already successfully operated a mine in Louisiana, USA, and “is currently building the world’s largest Bitcoin mining facility to date, with a capacity of 1 gigawatt (GW), on more than 100 acres of land in Texas.”

According to a Bloomberg report, Northern Data's IPO may take place this year, and the sale of new company shares will increase the number of shareholders. It is reported that Northern Data's current shareholders include investment companies Cryptology Asset Group and Block.One.

Northern Data's shares are already traded over-the-counter (OTC) on Deutsche Börse's Xetra. As the price of Bitcoin has plunged over the past 48 hours, Northern Data's shares on Xetra fell 11.51% today. However, since the rise in BTC prices, the company's shares have risen 3 times this year alone.

The goal is to complete the deployment of 1 GW of US Bitcoin mining operations by the end of 2021

Northern Data also reportedly owns and operates a renewable energy Bitcoin mining farm in Norway. The Bitcoin mining operation is led by CEO Aroosh Thillainathan, and the massive US-based mine is being built in three phases.

The mine in Rockdale, Texas, is intended to be the company’s largest to date. With two months to go until the end of the first quarter of 2021, Northern Data hopes to complete construction of 1 GW by the end of the year.

As early as 2019, then-Whinstone US co-founder Thillainathan said, "This union (cooperation) has the direct potential to shape the future direction of global mining." Prior to reports that Northern Data was allegedly going to IPO, Coinbase will sell shares to the public through a direct listing at a valuation of $100 billion. Sources said Northern Data's IPO goal is to raise $500 million.