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Deals


BITCOIN MINE OPERATOR NORTHERN DATA SAID TO EYE U.S. LISTING

By
Eyk Henning
and
Crystal Tse
February 22, 2021, 8:28 PM GMT Updated on February 23, 2021, 9:38 AM GMT
 * Northern Data to go public in U.S., raising up to $500 million
 * Germany-based firm is Bitcoin miner turned mine operator


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Northern Data AG, the operator of the world’s largest Bitcoin mine, is working
with Credit Suisse Group AG on plans for a U.S. listing that could raise as much
as $500 million, according to people familiar with the matter.

The sale of new shares, which could go ahead later this year, will boost
Northern Data’s shareholder base as well as its global profile, the people said,
declining to be identified because the information is private.




Since 2015, Northern Data has been listed on Germany’s over-the-counter market,
where it’s more than tripled in value over the past year. The stock was down
7.3% at 10:32 a.m. Tuesday in Frankfurt after Bitcoin slumped from the record
highs it hit over the weekend.



Northern Data’s shareholders include Cryptology Asset Group, the investment
company backed by German entrepreneur Christian Angermayer and Mike Novogratz,
as well as Brendan Blumer’s Block.One.

Spokespeople for Credit Suisse and Northern Data declined to comment.



Based in the outskirts of Germany’s financial hub of Frankfurt, Northern Data
operates high-performance computing centers in areas with cheap electricity. Its
largest facility, located in Rockdale, Texas, is currently the world’s largest
mine with a planned capacity of 1 gigawatt by year-end.



Led by Chief Executive Officer Aroosh Thillainathan, the firm started as a
Bitcoin miner but later shifted to operating the mines on behalf of clients.
Bitcoin hit a market value of $1 trillion late last week, a surge that’s helping
cryptocurrency returns far outstrip the performance of more traditional assets
like stocks and gold.

(Updates with Tuesday’s share movement in third paragraph)


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