Bitcoin Heating Up the Market... World's Largest Mining Company Listed in the US

(Source: Bloomberg News)

[Asia Economy Reporter Yujin Cho] The world's largest Bitcoin mining company, Northern Data, is planning an initial public offering (IPO) by the end of the year.

Bloomberg reported on the 23rd (local time) that the German Bitcoin mining company Northern Data plans to raise $500 million through a U.S. stock market listing.

Northern Data has selected Credit Suisse as the lead underwriter and has begun the IPO process.

Northern Data has been traded on the German over-the-counter market since 2015, and its value has surged 267% over the past year.

The price of Bitcoin, which surged continuously and surpassed $50,000 for the first time on the 17th, entered a correction phase, falling to $47,000 following remarks by Elon Musk, CEO of Tesla.

On the 20th, CEO Musk tweeted that Bitcoin and Ethereum prices seemed high.

Business Insider reported that Bitcoin mining companies earned a total of $1 billion last month, an increase of 62% compared to December of last year.

Based in Frankfurt, Germany’s financial hub, Northern Data is an infrastructure solutions developer in the high-performance computing (HPC) field, providing solutions in artificial intelligence (AI), big data, and blockchain sectors.