(Bloomberg) – Northern Data AG, operator of the world’s largest Bitcoin mine, is working with Credit Suisse Group AG on plans for a U.S. listing that could bring in up to $ 500 million, according to reports. people familiar with the matter.
The sale of new shares, which could take place later this year, will strengthen Northern Data’s shareholder base as well as its global profile, the people said, declining to be identified as the information is private.
Since 2015, Northern Data has been listed on the German over-the-counter market, where its value has more than tripled over the past year. The stock was down 7.3% as of 10:32 a.m. Tuesday in Frankfurt after Bitcoin slumped from record highs it reached over the weekend.
Northern Data shareholders include Cryptology Asset Group, the investment firm backed by German entrepreneur Christian Angermayer and Mike Novogratz, as well as Block.One by Brendan Blumer.
Spokesmen for Credit Suisse and Northern Data declined to comment.
Based on the outskirts of the German financial center of Frankfurt, Northern Data operates high performance data centers in areas where electricity is cheap. Its largest facility, located in Rockdale, Texas, is currently the largest mine in the world with a planned capacity of 1 gigawatt by year-end.
Led by CEO Aroosh Thillainathan, the company started out as a Bitcoin miner, but then moved on to mining on behalf of clients. Bitcoin hit a market value of $ 1 trillion at the end of last week, a push that is helping the cryptocurrency’s yields far outperform the performance of more traditional assets like stocks and gold.
(Updates with Tuesday’s stock movement in the third paragraph)
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