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- German firm Northern Data plans to raise $500 million via a US listing later this year, Bloomberg reported.
- The company's facility in Rockdale, Texas is the world's largest crypto mine.
- It first started out as a bitcoin miner in 2009, but later transitioned to operating mines on behalf of clients.
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Frankfurt-based Northern Data AG, the operator of the world's largest bitcoin mine, is planning a US listing that could raise as much as $500 million, Bloomberg reported on Monday.
The listing, which could expand the firm's shareholder and client base, could take place later this year, Bloomberg said, citing sources.
Northern Data has been trading on Germany's over-the-counter market since 2015, where its value has risen 267% in the past 12 months. The company's stock was last down 9%, at 114 euros ($138) per share. Some shareholders include Cryptology Asset Group and entrepreneur Brendan Blumer's Block.One.
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Northern Data's primary services include provision of infrastructure for bitcoin generation by employing high-performance computers in areas with cheap electricity. The firm's facility, in Rockdale, Texas, is the world's largest crypto mine and has a planned capacity of 1 gigawatt by the end of 2021, according to Bloomberg. Bitcoin mining is the process that allows new coins to enter circulation, adding to the crypto ecosystem.
The company initially started out as a bitcoin miner in 2009, but later switched to operating mines on behalf of its clients. It changed its name from Northern Bitcoin after it merged with Texas-based Whinstone at the end of 2019 to construct the largest data center for high-performance computers.
Bitcoin tumbled by as much as 17% to below $45,000 at one point on Tuesday. But the digital token hit a $1 trillion market cap earlier this month after its value surged past a record high $58,000. Bitcoin miners earned a combined $1 billion last month, up 62% from December.
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- More than 80% of company finance chiefs say they'll never hold bitcoin – and just 5% say they'll invest in it this year, a survey shows
- UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold — here's why the bank says it could end up 'worthless'
