As a seasoned crypto investor with a background in tech and finance, I’ve witnessed the rapid evolution of the digital asset industry over the past few years. With Northern Data AG’s recent announcement of its plans for an IPO in the US, my interest was piqued.
As an analyst, based on my research and sources I’ve spoken with, Northern Data AG is currently holding discussions with financial advisors to announce an Initial Public Offering (IPO) in the United States for its integrated businesses in data centers and artificial intelligence cloud computing. The crypto mining firm reportedly aims for a valuation of approximately $16 billion in this offering.
Northern Data Eyes US IPO
According to reports, Northern Data is expected to reveal the banks spearheading its Initial Public Offering (IPO) in the near future. Additionally, the company aims for a Nasdaq debut as early as the first half of 2025. As of now, Northern Data intends to list the entities that make up its data centers, named Ardent, and its cloud computing services, referred to as Taiga. The sources also indicated that Northern Data might sell a minority share in this unit before the listing takes place.
As a crypto investor, I’ve been closely following Northern Data, the Frankfurt-based crypto mining company that made headlines by going public in Europe back in 2018. However, since the beginning of the year 2024, I’ve noticed a downturn in its performance. The share price has dipped by 5%, resulting in a market capitalization of around €1.3 billion or $1.4 billion for this mining giant.
As the costs and rewards of Bitcoin mining continue to rise, some companies are shifting their focus towards Artificial Intelligence (AI). Meanwhile, cloud computing businesses specializing in AI are experiencing a surge in investment. Given these trends, it’s a logical move for companies to transition into this area and explore new income sources.
Northern Data’s Peak Mining division, based in the US, is currently operational and boasts 700 megawatts worth of data centers under construction as of May’s records. This puts Northern Data among the top Bitcoin mining companies in the United States.
Crypto Firms Eyeing US IPOs
As a crypto investor, I’ve noticed that several notable crypto companies, like Circle, the issuer of popular stablecoins, and Kraken, a well-known crypto exchange, have been contemplating going public in the US stock market. However, the regulatory landscape for stablecoins is yet to be clarified in the US, which could pose a challenge for companies like Circle. Additionally, the US Securities and Exchange Commission (SEC) raised concerns and even took enforcement actions against Kraken for operating an unregistered exchange.
Prior to the Ethereum Merge in 2022, an significant transition that shifted the Ethereum network to a Proof of Stake (PoS) consensus mechanism, Norther Data held approximately 70% of the ETH mining market share in Europe.
Last November, Northern Data obtained a €575 million loan facility from Tether Group, a well-established stablecoin company. By January this year, they finalized the purchase of an asset worth €400 million from Tether, making Tether a significant investor in Northern Data as reported in a statement.
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2024-07-02 08:53