According to reports, the German Bitcoin mining and cloud computing company Northern Data AG is preparing for its initial public offering (IPO) in the United States, with a potential valuation of up to $1.6 billion.
On January 1, Bloomberg reported that the top executives of the largest market capitalization Northern Data company had consulted with advisors, planning to go public in the first half of 2025.
Northern Data plans to list its cloud computing and data center divisions, Taiga and Ardent, on the Nasdaq. Additionally, its BTC mining subsidiary, Peak Mining, may go public separately. Discussions with banks indicate a valuation between $1 billion and $1.6 billion, although these plans are still under review and subject to change.
Northern Data had previously considered an IPO for its U.S. cryptocurrency mining business as early as March 2021, but the plan did not materialize.
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Northern Data AG was founded in Germany in 2009, originally named Northern Bitcoin AG, and has since become a major player in the cryptocurrency and cloud computing space. Initially focused on mining Ethereum, the company shifted its mining focus to Bitcoin after ETH transitioned from Proof of Work (PoW) to Proof of Stake (PoS) in March 2022.
Amid shrinking profitability in the BTC mining industry, Northern Data, along with other mining companies such as Core Scientific, TeraWulf, and Hut 8 Corp, has expanded its business into the field of artificial intelligence.
With a strong focus and commitment to cryptocurrency and artificial intelligence, Northern Data aims to position itself as a leading infrastructure for the future of financial and computing technology.
