Crypto miner Applied Blockchain filed for an initial public offering on Friday, with plans to list on the Nasdaq. The firm joins a growing list of crypto entities looking to gain access to bigger capital markets through a public listing.
The crypto miner said it was looking to raise $60 million through the offering, with an option for underwriters to purchase up to 15% of additional stock in the offering. The firm also plans to initiate a reverse stock split prior in relation to its planned listing.
The firm offers Bitcoin mining and data centre services, with a focus on powering its operations through clean energy. It recently signed an agreement with clean energy firm Babcock & Wilcox to this end.
Crypto firms go public
A crypto boom over the past two years has seen several firms publicly list their shares. The most notable listing in recent history is crypto exchange Coinbase, which was valued at $86 billion during its Nasdaq debut.
But Coinbase, and several other crypto firms, have eschewed a traditional IPO in favor of alternate listing methods. The crypto exchange had directly listed its shares on the Nasdaq, a technique pioneered by Spotify and Palantir.
More recently, crypto firms have taken to merging with blank check companies to list their shares. Until recently, the method allowed firms to skip past the strict regulatory scrutiny required for an IPO.
Japanese crypto exchange CoinCheck recently said it will list on the Nasdaq in a $1.3 billion blank check deal. Crypto miner Primeblock also said it will merge with blank check firm 10X Capital Venture Acquisition Corp to list on the Nasdaq.
United States a hotbed for crypto miners
After crackdowns in mining hubs China and Kazakhstan, the United States has emerged as a major hub for crypto mining. States such as Texas, Louisiana, Nebraska and New York have several mining operations due to relatively friendly regulation.
Applied Blockchain also recently entered a deal to build a wind farm-powered data center in Texas.
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