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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.
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.
STORY CONTINUES BELOW
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Aoyon Ashraf
Aoyon Ashraf is CoinDesk's Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk's disclosure threshold of $1,000.
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