Crypto News

Northern Data Bitcoin Mining Operator Considering $500 Million IPO

Northern Data Bitcoin mining operator considering IPO

Northern Data AG, the world’s largest Bitcoin mining operator. Is reportedly working with Credit Suisse AG on plans for a U.S. listing that could raise as much as $500 million.

According to ‘people familiar with the matter,’ a share sale could happen later this year. Such a move would help bolster the shareholder base and reach a bigger investor audience.

Northern Data operates high-performance computing centers in areas with cheap electricity. Its largest facility in Rockville, Texas is home to the world’s largest Bitcoin mine. With a planned capacity of one gigawatt by the end of 2021.

Northern Data itself is based in the outskirts of Frankfurt, Germany but has been expanding its portfolio of computing centers over the past year. The company has added new ones in the United States, Sweden, Netherlands, and Germany.

Northern Data has been listed on Germany’s over-the-counter market since 2015 and their value has more than tripled in that time. Over the past 24 hours the stock is down 11% amidst a major sell-off in the crypto market.

Northern Data Initially Started As Bitcoin Miner

The company initially started as a Bitcoin miner, but would later shift to operating miners on behalf of clients. They are led by current Chief Executive Officer Aroosh Thillainathan.

Northern Data’s shareholders include investment company Cryptology Asset Group, which is backed by German entrepreneur Christian Angermayer and Mike Novogratz. Also among the shareholders is Brendan Blumer’s Block.One.

For its part, Credit Suisse has declined to comment on its involvement in the Northern Data IPO. The Swiss Investment Bank is no stranger to Bitcoin, having previously backed Bitcoin mining giant Canaan Creative. They would ultimately waived their involvement however, due to concerns over the sufficiency of the order in November 2019.

Just last week Bitcoin reached a market value of $1 trillion. This surge is helping its returns outpace the returns of traditional assets such as stocks and gold.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments
Corey Hansford

Corey has been involved in media and writing since graduating from the illustrious Howard University with a degree in Broadcast Journalism. While relatively new to the cryptocurrency world, he has been writing since 2012 with most contributions coming in the sports world on websites such as LakersNation.com and DodgerBlue.com. Corey is also an avid sports fan who closely follows the Lakers, Cowboys, Dodgers, WWE, and UFC.

Related Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...

Featured Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...