Bitcoin Miner Rhodium’s Planned IPO Values It at Up to $1.7B

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 and 67.5 million class B shares outstanding, implying a market cap of between $1.49 billion to $1.74 billion.
• 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.

CORRECTION (Jan. 13, 22:54 UTC): Corrects market capitalization to include class B shares.