Bitcoin miner Rhodium Enterprises plans to offer 7.69 million shares at $12-$14 each in an initial public offering (IPO), according to its U.S. Securities and Exchange Commission (SEC) filing.
After the IPO, the company will have about 56.8 million class A shares outstanding, implying a market cap of between $682 million to $796 million.The company will use proceeds from the IPO to repay its outstanding debt and accrued interest under its bridge loan, totaling approximately $31 million as of Sept. 30. Rhodium will also use the funds to build new sites and for general corporate purposes, including the purchase of mining machines.The company will trade under the ticker RHDM on Nasdaq.As of Dec. 31, Rhodium had about 125 megawatts (MW) of mining power capacity at its Texas site, which is able to run more than 33,600 miners with a total combined hash rate capacity of approximately 2.7 exahash per second.On Oct. 29, Rhodium said it plans to raise up to $100 million in an IPO and said it expects to use its liquid-cooling technology to mine bitcoin more efficiently.
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