German Bitcoin mining and cloud computing company, Northern Data AG, is reportedly planning an initial public offering for two of its entities in the United States with a valuation of up to $16 billion.
As per a report from Bloomberg on July 1, executives at Northern Data, the largest Bitcoin miner in Europe by market cap, have reached out to multiple advisers regarding an IPO with a potential listing expected in the first half of 2025.
The company intends to list its cloud computing and data center arms, known as “Taiga” and “Ardent,” respectively, on the Nasdaq. Additionally, Northern Data’s Bitcoin mining business, Peak Mining, may also see a separate listing, the firm informed analysts and investors in November.
Although Northern Data had considered an IPO for its cryptocurrency mining business in the U.S. back in February 2021, no concrete steps were taken at that time. Sources revealed that banks have proposed a valuation ranging from $10 billion to $16 billion, but discussions are ongoing, and plans might change, including the possibility of scrapping the IPO altogether.
Northern Data has not yet responded to Cointelegraph’s request for comment.
Established as Northern Bitcoin AG in Germany in 2009, Northern Data Group was among the early Bitcoin mining companies. The company currently operates under three divisions – Taiga, Ardent, and Peak Mining, the latter being its U.S.-based Bitcoin mining unit with 700 megawatts of high-performance computing data centers under development.
Initially focusing on mining operations on the Ethereum network, Peak Mining shifted to proof-of-stake from proof-of-work in September 2022 before eventually transitioning back to Bitcoin, as reported by Bloomberg.
Facing narrowing profit margins in the Bitcoin mining sector, Northern Data, along with other industry players such as Core Scientific, TeraWulf, and Hut 8 Corp, has expanded into the AI space.
In November 2023, Northern Data secured $610 million in debt financing from stablecoin issuer Tether to bolster investments in its mining and AI businesses.