Stronghold Digital Mining

General Information
Business:

We are a vertically integrated crypto asset mining company currently focused on mining Bitcoin. We wholly-own and operate a low-cost, environmentally beneficial coal refuse power generation facility that we have upgraded in Scrubgrass Township, Pennsylvania (the “Scrubgrass Plant”), and it is recognized as an Alternative Energy System because coal refuse is classified under Pennsylvania law as a Tier II Alternative Energy Source (equivalent to large-scale hydropower). We are committed to generating our energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations. Simply put, we employ 21st century crypto mining techniques to remediate the impacts of 19th and 20th century coal mining in some of the most environmentally neglected regions of the United States. 

In addition to being environmentally-beneficial and sustainable, owning our own source of power helps us to produce Bitcoin at one of the lowest prices among our publicly traded peers. We also believe that owning our own power source makes us a more attractive partner to crypto asset mining equipment purveyors. For example, we have been able to enter into partnerships with crypto asset industry participants, including miner sharing arrangements, because we offered competitive power rates in a mutually beneficial arrangement. We believe other miner manufacturers or suppliers may be more willing to work with us because our vertical integration, strong financial position, and industrial scale make us a dependable partner. We have entered into a definitive agreement to purchase a second coal refuse power generation facility and a non-binding letter of intent to purchase a third coal refuse power generation facility. We intend to leverage these competitive advantages to continue to grow our business through the opportunistic acquisition of additional power generating assets and miners.

(Note: Stronghold Digital Mining, Inc. upsized its IPO at pricing on Oct. 19,  2021, to 6.68 million shares, up from 5.88 million in the prospectus, and priced the stock at $19 – $1 above the top of its $16-to-$18 range – to raise $126.92 million.)

Industry: Services - Computer Processing & Data Preparation
Employees: 50
Founded: 2021
Contact Information
Address 595 Madison Avenue, 29th Floor New York, New York 10022
Phone Number (212) 967-5294
Web Address http://www.strongholddigitalmining.com/
View Prospectus: Stronghold Digital Mining
Financial Information
Market Cap $769.51mil
Revenues $9.84 mil (last 12 months)
Net Income $-3.27 mil (last 12 months)
IPO Profile
Symbol SDIG
Exchange NASDAQ
Shares (millions): 6.7
Price range $19.00 - $19.00
Est. $ Volume $126.9 mil
Manager / Joint Managers B. Riley Securities/ Cowen/ Tudor, Pickering, Holt & Co.
CO-Managers D.A. Davidson & Co./ Compass Point/ Northland Capital Markets
Expected To Trade: 10/20/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change