Bitcoin miner Rhodium Enterprises plans to supply 7.69 million shares at $12-$14 every in an preliminary public providing (IPO), in accordance to its U.S. Securities and Exchange Commission (SEC) submitting.
- After the IPO, the corporate can have about 56.8 million class A shares excellent, implying a market cap of between $682 million to $796 million.
- The firm will use proceeds from the IPO to repay its excellent debt and accrued curiosity beneath its bridge mortgage, totaling roughly $31 million as of Sept. 30. Rhodium may even use the funds to construct new websites and for basic company functions, together with the acquisition of mining machines.
- The firm will commerce beneath the ticker RHDM on Nasdaq.
- As of Dec. 31, Rhodium had about 125 megawatts (MW) of mining energy capability at its Texas web site, which is ready to run greater than 33,600 miners with a complete mixed hash price capability of roughly 2.7 exahash per second.
- On Oct. 29, Rhodium stated it plans to increase up to $100 million in an IPO and stated it expects to use its liquid-cooling expertise to mine bitcoin extra effectively.