Rhodium Enterprises plans to raise up to $100M in IPO. The mining company Rhodium Enterprises from Delaware (USA) has filed an application with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the Nasdaq stock exchange under the ticker RHDM.
Thus, the price range is unknown. In addition, the IPO’s sole book running manager is B. Riley Securities.
Rhodium Enterprises started its operations in September 2020. According to the results of the first half of 2021, with an income of $48.2 million, the company received a net profit of $14.9 million.
The company intends to mine Bitcoin (BTC) at a low cost by utilizing its proprietary liquid-cooling technology. According to Rhodium Enterprises, the technology increases the service life of its Bitcoin miners by 30% to 50%.
Mining is carried out by 22,600 ASIC devices, which consume a total of 80 megawatts (MW). The total hashrate of these miners is around 1.8 exahash per second (EH/s). The production site is located in the state of Texas. By April 2022, the company will launch another mining center. It has also already acquired miners with approximately 225 MW of power for delivery that month.
Rhodium Enterprises will use the funds received as part of the IPO, among other things, to increase capacity by 45 MW by the end of the year. Moreover, bring the hashrate to 2.7 EH/s.
Recall that previously in October, the mining company Iris Energy from Australia sent an application to the SEC for an IPO on Form F-1.
Foreign issuers must submit this type of application. According to the document, Iris Energy plans to list on the Nasdaq stock exchange under the ticker IREN and raise $100 million. The bookrunners for the firm’s IPO are JPMorgan, Canaccord Genuity, Citigroup, Macquarie Capital and Cowen. Thus, pricing terms remain undisclosed. The shares are likely to begin trading later this year.
The company is focused on Bitcoin mining using green energy. Iris Energy operates a data center in Canada with a capacity of 30 MW. It is powered by renewable sources, including hydroelectric power plants.