Stronghold jumps on debut with bitcoin surge

摘要

Though no easy feat given the famous volatility of crypto-currency, STRONGHOLD DIGITAL MINING managed to get the timing of its Nasdaq IPO almost perfectly right. The alternative energy-powered bitcoin miner's shares surged more than 50% on its Wednesday debut after the IPO was both increased in size and came above range for proceeds of US$127m. Coming ahead of a session that saw the bitcoin price surge past US$66,000 for the first time ever, B Riley Securities and Cowen late on Tuesday priced the sale of 6.7m Stronghold shares at US$19 versus the US$16-$18 range. The number of shares sold was increased 14% from 5.9m at launch. Despite the upsize, investors showed no reluctance to chase the stock in the aftermarket. Stronghold shares opened at US$27 before closing at US$28.90 for a day-one gain of 52.1%.