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Computers were used to make bitcoin.
Federico Parra / AFP via Getty Images
Rhodium Enterprises, a Bitcoin maker, is pushing for a freezing IPO to be released to the public next week.
Rhodium, an undisclosed location in Texas, said it had offered $ 7.7 million worth of shares each. It plans to trade on the Nasdaq under the signature RHDM. B. Riley Securities and Covene are co-authors of the agreement. A prospectus said.
Rhodium said on Wednesday, January 19, that the deal was priced out and that it was scheduled to be traded the next day.
At $ 14, the Rhodium price could reach $ 1.7 billion.
Rhodium is the latest Bitcoin miner to hit the market.
Solid digital mining
(Symbol SDIG) The price of 19 IPOs rose 52 percent in October.
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IREN is down 13% from the $ 28 discount in November.
Rhodium IPO comes at a slow pace for new issues. IPOs performed poorly in the post-market period last year, falling nearly 70%. This has had a negative impact on supply this year. Many are below the IPO price. On Thursday, TPG, the largest private equity firm, beat the trend by more than 15 percent.
Rhodium is a digital asset technology company that launched bitcoin in September 2020. The company said liquid cooling technology could use a few mines to extract more bitcoin and cause less damage to those mines. The first Texas location has a capacity of 125MW to support 33,600 miners, according to Prospectus. He is currently building a second facility in Texas that he expects to be completed in the summer. In the second place, it produces about 225MW to generate about 65,200 miners. A prospectus said.
The four founders of the company – Nathan Nichols, Chaz Blackmon, Cameron Blackmon and Nicolas Ceresulo – will own 54.3% of the radio after IPO. Nichols is the CEO of Rhodes, the Chief Operating Officer of Chase, the Cameron Officer of Technology, and Cessoulo is the CFO.
Completed on September 30 for nine months, Rhodium cost an average of $ 2,507 to produce a bitcoin, one of the lowest in the industry.
Rhodium reported a $ 46.1 million profit for the first nine months and ended $ 30.1 million on September 30. The company has had $ 8.4 million in digital assets since Sept. 30, according to Prospectus.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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