Značka: IPO

Bitcoin miner Rhodium set for IPO, valued at $1.7 billion

The first IPO for the crypto industry in 2022 comes from a Texas-based Bitcoin (BTC) mining company, Rhodium Enterprises.In an SEC filing made last week, Rhodium plans to offer 7.69 million shares at $12-$14 each in an initial public offering (IPO). Trading under the ticker “RHDM” on Nasdaq, 56.8 million class A and 67.5 million class B shares will be released, ultimately valuing the company at just shy of $1.7 billion. Rhodium is a cryptocurrency technology company that uses proprietary tech and liquid cooling technology to self-mine Bitcoin. Their goal is to be the most sustainable and cost-efficient producer of Bitcoin in the industry.The company joins a growing list of US-based companies that mine Bitcoin. Over the past three years, Marathon, Bitdeer Technologies, Riot Blockchain, and Bit Digital listed on stock exchanges such as NASDAQ.According to the filing, Rhodium currently runs 125 megawatts (MW) of mining power capacity at its first Texas site. 33,600 Bitcoin miners are running, churning out a total combined hash rate capacity of approximately 2.7 EH/s.Following the IPO and a raise of $100 million capital, it will run a second site in Texas where they “expect to develop 225 MW of additional capacity.” By the end of 2022, the company will effectively more than double its current capacity. Bearing in mind that the average cost per BTC in 2021 was about $47,000, their electricity cost basis is staggering: Our infrastructure platform allows us to mine Bitcoin at a significantly lower cost compared to the industry average. For the period from January 1. 2021, to September 30. 2021, our average electricity cost to produce one Bitcoin was approximately $2,507.Related: Mr. Wonderful plans to invest in mining company stocksTexas continues to carve out a reputation as a Bitcoin mining-friendly state. In quarter four of 2021, Senator Ted Cruz commented that Texas should use Bitcoin mining to capture wasted natural gas while the Electric Reliability Council of Texas (ERCOT) anticipated that Texan Bitcoin mining power demands could jump 5 times by 2023.Rhodium takes advantage of Texas’ “independent power market and abundance of low-cost renewable energy resources,” and pro-Bitcoin business environment. Given the company’s experience with liquid-cooling technology and efficiency; for tiny Bitcoin miners seeking to solve valid blocks, it just got a bit harder. 

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Social network Reddit reveals plans to go public

On late Wednesday night, the popular social platform Reddit announced that it has started the process of making the company public. The company filed a confidential S-1 with the Securities and Exchange Commission (SEC) informing them of their intentions for going public.Per SEC regulations, they cannot provide any details about shares or prices until after a quiet period is over to protect trade secrets from being leaked before an IPO date is set. The SEC filing confirmed long-running rumors about Reddit’s plans for a public offering.Back in August, Reddit raised $700 million in fresh funding, making it worth more than $10 billion. In a recent update, Reddit stated that it had made $100 million in ad revenue for the second quarter of 2021, which represents a nearly 200 percent increase over the previous year.Hi, we have some news. pic.twitter.com/DjkjBRloHF— Reddit (@Reddit) December 16, 2021″The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” Reddit stated in a filing with the US Securities and Exchange Commission.Reddit competes with ad-supported social media platforms such as Meta and Twitter. According to Huffman, the firm has grown up in the shadow of Facebook, now Meta, and Google, and every dollar they make is a struggle. On the other hand, Reddit has already established its cryptocurrency in the form of Reddit Community Points, or RCPs.Related: Reddit to reportedly tokenize karma points and onboard 500M new usersAs of August, Reddit boasted about 52 million daily users and more than 100,000 active subreddits. Reddit is a forum where seasoned traders congregate to share their expertise, as well as a popular gathering spot for notorious meme stock r/wallstreetbets, which has had a big influence on stock markets and cryptocurrency markets this year with its retail trading and pumping tactics. The group’s popularity prompted the creation of crypto counterpart r/SatoshiStreetB which now has 509,000 members.

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