Crypto bulls are already smiling in the middle of this very eventful week for digital currency on Wall Street. But today, they’ll have a new investment to target via Stronghold (NASDAQ:SDIG). The SDIG stock IPO (initial public offering) is bringing crypto mining to the stock market yet again but with some refreshing twists; not only is Stronghold a U.S.-based company but also, alongside the likes of recently public Greenidge Generation (NASDAQ:GREE), it’s a crypto mining company that puts special emphasis on mining as sustainably as possible.
So, what is it that sets Stronghold apart from its dozens of other, already public competitors? Here’s everything you need to know.
SDIG Stock IPO Allows Investors to Invest in a Greener Crypto Mining Solution
- Stronghold is a company based just north of Pittsburgh, PA. It operates out of a single plant, with vast expansion plans in line.
- The company sets itself apart by mining crypto using bituminous waste coal. Western Pennsylvania is a historically significant area for coal power production, and, as such, coal waste litters the countryside. Stronghold is seeing-through its own clean up efforts by using these waste deposits as fuel for Bitcoin (CCC:BTC-USD) mining.
- The company filed for its SDIG stock IPO in mid-October, looking for a price-per-share of between $16 and $18. It looks to sell nearly six million shares of SDIG stock.
- As of right now, the company’s plant boasts about 3,000 mining machines. However, it plans on a vast expansion of its mining capabilities, thanks in large part to the capital it hopes to generate from the public offering.
- The company has already placed an order for more than 26,000 additional mining rigs, to be delivered throughout the end of the year and early 2022.
- It also is closing a deal on a second plant in the Western Pennsylvania area to accommodate these rigs.
- In addition to the existing order, the company will use its public offering capital to purchase another 55,000 mining machines, ultimately upping its production by 900%.
- Stronghold saw approval by the Securities and Exchange Commission (SEC) for its filing last week, and today it saw its first day of trading on the Nasdaq Exchange.
- The stock ended up listing on the exchange for $19, which was greater than its expected value.
- As SDIG’s stock winds down its first day on the market, investors are already seeing massive price momentum. Since listing, shares of SDIG have gained nearly 53%.
- Volume in SDIG is soaring as well; over 8.2 million shares of SDIG are trading hands on this first day on Wall Street.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.