As the public prepares for Coinbase’s upcoming IPO, mining company Northern Data AG is reportedly planning an IPO as well. According to sources, the mining company is in talks with Credit Suisse Group for an IPO in the US.

Report: Sources report that Northern Data’s $500 million IPO is underway

Recent reports suggest that bitcoin mining company Northern Data AG (BTC) is planning an IPO in the near future. According to Bloomberg, sources familiar with the subject told the publication that Northern Data AG is working with Credit Suisse Group AG.

Northern Data claims to be one of the world’s largest mining companies. The 18th. In November 2019, the German company merged with Louisiana-based Whinstone US, Inc.

At the time, Northern Data stated that the merger deal with its US competitor Whinstone would position the company as a leading global player in the bitcoin extraction industry. According to Northern Data, the mining facility in Louisiana will be by far the largest bitcoin mining facility in the world, with a capacity of one gigawatt on more than 100 acres in Texas.

According to a Bloomberg report, Northern Data’s IPO could happen later this year. The sale of the company’s shares would increase the number of shareholders.

Northern Data’s shares are already traded over-the-counter on the Deutsche Börse’s Xetra. As Bitcoin (BTC) prices have fallen over the past 48 hours, Northern Data shares traded on Xetra are down -11.51% today. But this year alone, the company’s shares have tripled since BTC raised the price of its air conditioning products.

The Company’s goal is to complete the operation of a 1 gigawatt bitcoin mine in the United States by the end of 2021

Northern Data also owns and operates a bitcoin mining site in Norway that uses renewable energy. Bitcoin mining is led by CEO Aroosh Thillainathan, and the massive mining facility in the US is being built in three phases.

Of the other mines, Rockdale, Texas, is by far the largest in the company. Northern Data is two months into the first quarter of 2021 and expects to complete the 1 gigawatt installation by the end of the year.

In 2019, Tillainathan, then co-founder of Whinstone US, said the joint [partnership] had the immediate potential to shape the future evolution of the global mining industry. Reports of Northern Data’s planned IPO follow an imminent sale to Coinbase, as the San Francisco-based company is valued at $100 billion. According to some sources, Northern Data’s IPO is expected to raise $500 million.

What do you think of Northern Data’s planned IPO at Credit Suisse Group AG? Let us know what you think in the comments below.

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Aroosh Thillainathan, bitcoin (BTC), bitcoin mining, BTC, BTC mining, crypto mining, IPO, IPO, bitcoin mining, Northern Data, Northern Data AG, Norway, Rockdale, Texas, US IPO.

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