Bitcoin Mining Firm Stronghold Digital Mining's Shares Rally on Debut

Time:2022-01-06 Source: 931 views Trending Copy share

By Sam Boughedda — Bitcoin Mining firm Stronghold Digital Mining Inc (NASDAQ:SDIG) has seen its shares rally on their trading debut, climbing to a high of $31.88.

The company, which describes itself as an "environmentally beneficial and vertically integrated Bitcoin miner," priced its Initial public offering at $19 per share.

Stronghold's power generation facilities convert coal refuse into power which is then used to mine Bitcoin. It currently has 2 plants — the Scrubgrass and Panther Creek Plants.

The Scrubgrass Plant, located in Venango County, Pennsylvania, has a generation capacity of 85MW, while Panther Creek, located in Carbon County, Pennsylvania, has a capacity of 80MW.

Stronghold's debut has arrived a couple of days after the first Bitcoin futures ETF (NYSE:BITO) began trading. The fund's shares are currently up 3%. Meanwhile, Bitcoin hit an all-time high of over $67,000 earlier in Wednesday's session.

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