Stronghold Digital Mining IPO Opens 55.8% Above Expected Stock Price

The bitcoin-friendly mining company’s stock price rose as much as 67.8% following its IPO launch at Nasdaq on Wednesday.

article-image
share
  • “Unlike traditional Bitcoin or crypto miners that seek out cheap power, what we really looked for was a way to enhance and sustain the power business by utilizing cryptocurrency,” William Spence, co-chairman at Stronghold, said in an interview with Blockworks
  • The company has about 3,000 crypto miners and plans to gain an additional 26,150 miners from three suppliers by the end of 2022

Stronghold Digital Mining, a crypto mining company that converts coal waste into energy to mine bitcoin, began trading after its initial public offering (IPO) launched on the Nasdaq Global Market Wednesday.

The company’s IPO priced in 55.8% higher than the anticipated range between $16 and $18 price per share with an opening price of $26.50 under the ticker $SDIG. The bitcoin-friendly mining company’s stock price rose as much as 67.8% following its IPO launch at Nasdaq on Wednesday. The stock was up $10.89, or 57.32%, to $29.89 as of 2:40 pm ET. 

Although this is an IPO, it comes at a time when the US Securities and Exchange Commission has approved the ProShares Bitcoin Strategy ETF (BITO), marking a milestone for the crypto community as it receives the first government-approved Bitcoin ETF in the US. 

As crypto regulation remains a hot topic, Stronghold isn’t worried about regulators, but actually worked with them to launch their IPO, Gregory Beard, co-chairman and CEO of Stronghold said in an interview with Blockworks after the IPO launch. 

The Stronghold Digital Mining Team and their families.

“Crypto mining has not been the focus of the regulators from our perspective. I don’t feel like we have regulatory risk, given that we are not acting with a financial capacity with the general public,” Beard said. 

Beard believes that it’s still early for adoption of bitcoin as a transaction, but it has already been well established as a store of value. The company has about 3,000 crypto miners and plans to gain an additional 26,150 miners from three suppliers by the end of 2022. 

“Regulation has some appeal to us because we do a professional business in a legitimate manner and if anything I feel like we’re helping to legitimize this infant industry,” William Spence, co-chairman at Stronghold, said during the interview with Blockworks. 

The bitcoin-focused mining company is better known for its environmentally-friendly tactics of using waste coal material to power crypto mining equipment through specialized technology at the company’s power generation facility, Blockworks previously reported

“We think that the future of (crypto) mining is integration with power,” Beard said. 

The company is anticipating expansion to two more plants with its acquisition of the Panther Creek Energy Facility back in August, as well as recent plans to acquire another plant. 

“Unlike traditional Bitcoin or crypto miners that seek out cheap power, what we really looked for was a way to enhance and sustain the power business by utilizing cryptocurrency,” William Spence, co-chairman at Stronghold, said during the interview with Blockworks. 

Stronghold will use proceeds from the IPO for general purposes, including acquisitions of miners and power generating assets to mine more bitcoin, a US Securities and Exchange Commission filing from October 13 stated. 

Casey Wagner contributed to the reporting on this story.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

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

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /