Miners Marathon and Stronghold have more upside than competitors, analyst says
The bitcoin-friendly mining company’s stock price rose as much as 67.8% following its IPO launch at Nasdaq on Wednesday.
Stronghold plans to raise $100 million through offering 5,882,352 shares of its Class A common stock at a range between $16 and $18 price per share, the SEC filing showed.
Pennsylvania-based company that reclaims coal waste as a way to power bitcoin mining sees bitcoin as the vehicle to do urgently needed environmental cleanup.
While the company is focused on bitcoin, it may utilize its miners for other crypto assets depending on market conditions.
Stronghold expects to have over 28,000 cryptocurrency miners by the end of the year and is currently in negotiations to acquire additional facilities with over 200 megawatts of power capacity, according to reports.