The Swiss investment bank Credit Suisse wants to support the German Bitcoin mining operator Northern Data with its IPO.
Major European Bitcoin ( BTC ) mining company Northern Data is considering an IPO in the United States
The Germany-based company Northern Data plans up to 500 million US dollars to raise in the IPO Bloomberg on February 22 reported . The company is working with the Swiss investment bank Credit Suisse on the IPO, as anonymous people close to the company told Bloomberg.
According to the report, the company is considering selling new shares in late 2021 in an effort to increase shareholder numbers and strengthen Northern Data’s global profile. Northern Data’s shareholders include investors such as Galaxy Digital founder Mike Novogratz, as well as companies such as investment firm Cryptology Asset Group and EOS developer Block.one.
Bitcoin Millionaire has been listed on the German stock exchange since 2015. The stock rose more than 300 percent in the past year. At the time of going to press, Northern Data’s stock was trading at € 112. That’s a decrease of more than 11 percent in the past 24 hours. Meanwhile, there has been a big sell-off in the crypto market , according to data from Bloomberg.
Northern Data is based in the financial metropolis of Frankfurt and operates mining data centers in regions with cheap electricity
The company’s largest facility in Rockdale, Texas, is one of the largest crypto mining facilities in the world with a planned capacity of 1 GWh by the end of 2021. The company started out as a bitcoin miner but later moved on to running data centers on behalf of To operate customers.
Credit Suisse did not want to speak to Cointelegraph about its involvement in Northern Data’s initial public offering. As previously reported, Credit Suisse was once one of the IPO supporters for Bitcoin mining giant Canaan Creative . However, the bank withdrew its stake in November 2019 due to concerns about the order situation.
Cointelegraph asked Northern Data for a comment, but received no response by press time.