Bitcoin mining operator Northern Data reportedly considering $500M IPO

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Major European bitcoin mining company Northern Data (BTC) is reportedly considering going public in the US.

Germany-based Northern Data plans to raise up to $ 500 million in its initial public offering, Bloomberg reported on February 22nd. The company is working with Swiss investment bank Credit Suisse to continue the IPO, matter told the publication.

According to the report, the company is considering selling new shares later in 2021 to help strengthen Northern Data’s shareholder base as well as its global profile. Northern Data’s shareholders include investors like Galaxy Digital’s founder, Mike Novogratz, as well as companies like the investment firm Cryptology Asset Group and EOS developer Block.one.

Northern Data has been listed on the German over-the-counter market since 2015, where the stock rose more than 300% over the past year. At the time of publication, Northern Data stock is trading at € 112 ($ 136), according to Bloomberg, which is a decline of more than 11% in the past 24 hours.

Source: Bloomberg

Northern Data is based on the outskirts of the German financial center of Frankfurt and operates mining data centers in areas with cheap electricity. The largest facility in Rockdale, Texas, is one of the world’s largest crypto mining facilities, with a planned capacity of 1 GWh by the end of 2021. The company reportedly started out as a bitcoin miner but later moved into operating data center clients.

Credit Suisse declined to comment on its involvement in Northern Data’s initial public offering on Cointelegraph. As previously reported, Credit Suisse was once one of the IPO supporters of Bitcoin mining giant Canaan Creative. However, the bank waived its involvement in November 2019 because of concerns about the sufficient order.

Northern Data did not immediately respond to Cointelegraph’s request for comment.