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.