Swiss investment bank Credit Suisse is reportedly backing German Bitcoin mining operator Northern Data in its $500 million IPO.
Major European Bitcoin (BTC) mining company Northern Data is reportedly considering going public in the United States.
Germany-based Northern Data is planning to raise up to $500 million in the initial public offering, or IPO, Bloomberg reported on Feb. 22. The company is working with Swiss investment bank Credit Suisse to proceed with the IPO, anonymous people familiar with the matter told the publication.
According to the report, the company is considering conducting a sale of new shares later in 2021, intending to boost Northern Data’s shareholder base as well as its global profile. Northern Data’s shareholders include investors like Galaxy Digital founder Mike Novogratz as well as companies like investment firm Cryptology Asset Group and EOS developer Block.one.
Northern Data has been listed on Germany’s over-the-counter market since 2015, where the stock surged more than 300% over the past year. At publishing time, the Northern Data stock is trading at 112 euros ($136), down more than 11% over the past 24 hours amid a major sell-off on the crypto market, according to data from Bloomberg.
Based in the outer parts of Germany’s financial hub of Frankfurt, Northern Data operates mining data centers in areas with cheap electricity. Its largest facility, located in Rockdale, Texas, is one of the world’s largest crypto mining facilities with a planned capacity of 1 GWh by the end of 2021. The company reportedly started as a Bitcoin miner but later moved to operating data centers on behalf of customers.
Credit Suisse declined to comment on its involvement in Northern Data’s IPO to Cointelegraph. As previously reported, Credit Suisse was once among IPO backers for Bitcoin mining giant Canaan Creative. However, the bank renounced its involvement amid concerns over the order sufficiency in November 2019.
Northern Data did not immediately respond to Cointelegraph’s request for comment.
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