Bloomberg has reported that the German Bitcoin mining and cloud computing company, Northern Data, plans to merge its “cloud computing” and “data center” businesses into an independent entity and list on the Nasdaq stock exchange in the first half of 2025 in the United States. It is rumored that the related banks have suggested a valuation for the company between $10 billion and $16 billion.
Miner Northern Data Intends to IPO in the U.S.
NB2.DE Surges 33% on the News
Diversification of Mining Business
According to sources cited by Bloomberg, Northern Data, a German data center operator specializing in efficient computing solutions, is planning to conduct an initial public offering (IPO) on the Nasdaq stock exchange in the first half of 2025:
Senior executives at Northern Data have been in contact with several institutions as bidding advisors and have been in talks with professionals.
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Current plans indicate that Northern Data intends to combine its cloud computing company, “Taiga,” data center company, “Ardent,” and Bitcoin mining company, “Peak Mining,” with the former two merging into one entity and joining the latter in the Nasdaq listing.
Sources suggest that banks have advised a valuation of the business between $10 billion and $16 billion.
However, he remains cautious, stating that discussions are still ongoing, and the IPO plans may change or be canceled.
After all, in 2021, Northern Data had also revealed plans to lead its cryptocurrency mining business in the U.S. listing with Credit Suisse (now taken over by UBS), but it ultimately did not materialize.
Following the announcement, Northern Data’s stock (NB2.DE) surged by 24.4% within a day and a half, with a significant 19.6% increase intra-day today, and the company’s current market value is approximately $1.58 billion.
In November last year, Northern Data also received €575 million (approximately $623 million) in unsecured debt financing from stablecoin issuer Tether to drive the expansion of its mining and AI businesses.
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Tether Provides €575 Million in Unsecured Debt Financing! Strategic Investment in Northern Data
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With the effects of the Bitcoin halving event unfolding, the profitability of miners has come under pressure in an already crowded industry, showing significant declines in the past two months.
In response, major miners have already diversified their businesses by taking on high-performance computing (HPC) projects or becoming GPU hosting providers to develop new sources of revenue.
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J.P. Morgan: Taking on High-Performance Computing Projects Sparks Interest in Mining Investors
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Northern Data is no exception, actively promoting advancements in AI and machine learning fields by launching AI accelerators and generative AI platforms.
The company’s CEO, Aroosh Thillinathan, also stated at last month’s HPE Discover 2024:
“As a partner of NVIDIA, we are ready to support users’ infrastructure needs and turn their ideas into reality.”
Other players entering the AI field include Core Scientific and Hut 8, among others, to address the challenges of declining profits in the mining sector.
(
Hut 8 Receives $150 Million Investment to Accelerate AI Infrastructure Platform Development
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Core Scientific
Hut 8
IPO
Northern Data
Northern Data Group
Initial Public Offering
Further Reading
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