Bitcoin mining company’s new IPO goes live
Bitcoin mining firm Avalon Technology announced on Wednesday it is going public, raising about $500 million.
The company, based in the US state of Colorado, was formed to offer blockchain mining and distributed ledger technology services.
It said in a statement that the public offering, which will be the first of its kind, will include a public offering price of $6.50 per share.
It also raised an additional $100 million in additional capital through a combination of equity crowdfunding and warrants.
Avalon said it plans to raise about $3 billion to fund its growth.
The stock price jumped nearly 4 per cent to $2.94 on Wednesday, before dipping to $1.26 on Thursday.
The shares are currently trading at $2,959.15 per share on the Nasdaq.
The new shares are subject to customary closing conditions.