Bitcoin-Focused Stronghold Digital Mining Files For $100M IPO

While the company is focused on bitcoin, it may utilize its miners for other crypto assets depending on market conditions.

article-image

Greg Beard, CEO and co-chairman of Stronghold

share

key takeaways

  • The company currently operates about 3,000 crypto-asset mining computers with hashrate capacity of about 100 petahash
  • In late June, the company fundraised $105 million from two private placements of equity securities and investors were granted registration rights that require a future public listing

Stronghold Digital Mining, a digital asset mining company powered by alternative energy, filed an S-1 form for an initial public offering with the US Securities and Exchange Commission on Tuesday. 

The company plans to raise up to $100 million and list its Class A common stock on the Nasdaq Global Market under the ticker $SDIG. The filing did not disclose the price per share.

Stronghold declined to comment directly about the S1-form or IPO, a spokesperson told Blockworks via email. 

“Our current focus is on mining bitcoin, which we may convert to USD to the extent necessary to fund our development,” the company said in the filing. While the company is focused on bitcoin, it said it may utilize its miners for other crypto assets depending on market conditions.

Stronghold uses waste coal material to power crypto mining equipment using specialized technology at the company’s power generation facility, the Scrubgrass Generating Plant, based in Venango County, Pa.

In late June, the company fundraised $105 million from two private placements of equity securities and investors were granted registration rights that require a future public listing, it said. Investors include MG Capital, a number of family offices and Greg Beard, the company’s co-chairman and CEO, Blockworks previously reported

Stronghold currently operates about 3,000 crypto-asset mining computers with hashrate capacity of about 100 petahash. As of April 1, the company entered into definitive agreements with suppliers to purchase an additional 27,300 miners for a total hash capacity equal to over 2,600 petahash.

About 92% of those miners are scheduled to be delivered in 2021 and it anticipates its total hashrate capacity to be approximately 3,000 petahash by the end of the year. The remaining 8% of miners will be delivered throughout 2022, and will increase the petahash 76.67% to 5,300 petahash year-on-year by December 2022, it said.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (2).png

Research

This reports analyzes the competitive dynamics of the Solana DEX landscape, identifying sustainable moats per protocol. We also find that Raydium (RAY), Orca (ORCA), and Lifinity (LFNTY) are valued very similarly on a P/S basis and what this could mean for Meteroa's (MET) valuation, which is still pre-TGE.

article-image

With $800 million now flowing to creditors, some expect a market boost — yet many remain cautious after years of waiting

article-image

There’s more to do on Solana than memecoins, but the market isn’t seeing it that way

article-image

Galaxy’s Alex Thorn said that the saga, paired with TRUMP and MELANIA, could lead to “further destruction of the memecoin complex”

article-image

Anatoly Yakovenko in 2017 embarked on the technical challenge of solving blockchain’s scalability problem

article-image

Grayscale Investments has historically had a four-stage lifecycle for its products, but there’s an indicator this could be changing

article-image

Brian Quintenz and Jonathan Gould are two recent Cabinet nominees with ties to crypto