German Bitcoin miner and cloud computing firm Northern Data AG is reportedly planning an initial public offering (IPO) for two of its U.S. entities, with a valuation potentially reaching up to $16 billion.
According to a July 1 report from Bloomberg, executives at Northern Data — Europe’s largest Bitcoin miner by market cap — have consulted several advisers about an IPO, targeting a potential listing in the first half of 2025.
The current plan involves listing the “Taiga” and “Ardent” entities on the Nasdaq, representing its cloud computing and data center divisions, respectively.
Additionally, Northern Data’s Bitcoin (BTC) mining business, Peak Mining, might be listed separately, as the firm suggested to analysts and investors in November.
Previously, Northern Data considered an IPO for its cryptocurrency mining business in the U.S. in February 2021, but it did not materialize.
Sources indicated that banks have proposed a valuation between $10 billion and $16 billion, though plans are still under discussion and could change, including the possibility of scrapping the IPO altogether.
Northern Data did not immediately respond to Cointelegraph’s request for comment.
Northern Data Group, originally founded as Northern Bitcoin AG in Germany in 2009, is one of the pioneering firms in Bitcoin mining.
Today, the company operates three business divisions: Taiga, Ardent, and Peak Mining. Peak Mining, the U.S. Bitcoin mining unit, is developing 700 megawatts of high-performance computing data centers, which the company claims will eventually deliver up to 40 exahashes.
Previously, Peak Mining concentrated its efforts on the Ethereum network. However, following Ethereum’s transition from proof-of-work to proof-of-stake in September 2022, the focus shifted back to Bitcoin, as noted by Bloomberg.
Northern Data is among several Bitcoin miners that have diversified into the AI space due to thinning profit margins in the mining sector.
Other Bitcoin mining firms that have taken a similar path recently include Core Scientific, TeraWulf, and Hut 8 Corp.
In November 2023, Northern Data secured $610 million in debt financing from stablecoin issuer Tether to boost investments in its mining and AI businesses.