December 5, 2021

Bitcoin mining operator Northern Data reportedly considering $500M IPO

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Major European Bitcoin (BTC) mining company Northern Data is reportedly considering going public in the United States.

Germany-based Northern Data is planning to raise up to $500 million in the initial public offering, or IPO, Bloomberg reported on Feb. 22. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication.

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

Northern Data has been listed on Germany’s over-the-counter market since 2015, where the stock surged more than 300% over the past year. At publishing time, the Northern Data stock is trading at 112 euros ($136), down more than 11% over the past 24 hours amid a major sell-off on the crypto market, according to data from Bloomberg.