Northern Data, a well-known German Bitcoin mining company, is looking for an opportunity to reach the public of the United States of America. According to a Bloomberg report, the initial public offering is likely to be raised up to an impressive $500 Million, which is also being backed by Swiss Investment Bank Credit Suisse.
Being a major IPO backer for mining company Canaan Creative, the Swiss bank refused to comment on its involvement with Northern Data but later on announced its collaboration with a German company in accordance with the concern of order sufficiency.
Northern Data seeks to develop an interest to the public of the United States by introducing a sale of new shares in late 2021 to boost its global presence and to increase the number of shareholders to maintain a strong image. Current shareholders include Galaxy Digital Founder Mike Novogratz, Block.one, an EOS developer and crypto-asset group and many others.
Journey Of Northern Data
The company has maintained a position in the German market since 2015 after the efflux in stock, reaching 300% and growing over time. Data from Bloomberg shows an impressively huge gain in the value of the company in the past year, but a sudden dip of 11% in the past 24hr dipping to 111.5 Euros due to the recent crypto market sell-out, which affected almost all companies dealing in Bitcoin.
The company is also operating data centres for customers in the outer areas of Frankfurt. Because servers need to be constantly running, the operating area gives them an advantage as electricity rates are cheaper there, boosting the overall economics of the company, making it a feasible option.
Northern Data’s largest facility is located in Texas, which is known to be one of the biggest cryptocurrency mining facilities in the world, with a target capacity to reach 1GWh by the end of 2021. A recent article by datacenterdynamics.com reports that Northern Data has purchased yet another bitcoin mining data centre powered by renewable energy in Boden Sweden named Hydro66 for 5 Million USD in cash and 26 Million USD in shares.
The company plans to expand to meet demands from its increasing bitcoin customers, said Peter Judge from data centre dynamics.