On September 13, tech services company Support.com announced the closing of its merger with Greenidge, a New York-based bitcoin mining and power generation company as of market close on September 14. Shares of Greenidge Class A common stock will begin trading on The Nasdaq Global Select Market on September 15, 2021.
A few days ago on September 9, Canada Computational UnlimitedCCU.ai, operator of a carbon-neutral bitcoin mining center, also went public on the Toronto Stock Exchange (TSX) through a merger with Capricorn Business Acquisition. The company began trading on the TSX Venture Exchange in Toronto on September 12.
Several bitcoin miners have filed for listing over the years. In addition to the above two, UK-listed miner Argo Blockchain has applied to list the ADSs on the Nasdaq Global Market; Iris Energy, which completed rounds of financing this year, has filed with the SEC for a direct listing on the Nasdaq stock exchange for the fourth quarter; well-known North American private miners such as Core Scientific and Stronghold Digital are also looking to go public in the US.
Fast-growing Bitcoin and cryptocurrencies have grabbed much attention from the capital community. Many public companies and investors are purchasing BTC on their own or buying trust products such as GBTC, as cryptocurrencies have become a key investment target for them. At the same time, cryptocurrency mining, essential to the crypto industry, has been favored by many investors. Taking advantage of the thriving market, a large number of bitcoin miners have seen their chance to go public. By far, over 20 of them have succeeded through acquisition, reverse acquisition, or direct listing applications.
North America is the first choice for most players to go public, and it is rising to be a new global bitcoin mining hub. In the wake of China’s recent mining clear-outs, Chinese mining farms, a top hashrate source, dwindled, and many miners have relocated their rigs to Kazakhstan with abundant electricity or to North America (including Texas, Maryland, and Canada) with favorable policies. Together with billions of dollars spent by many North American miners on buying rigs and expanding farms, North America’s hashrate dominance continues to improve.
Riot, Marathon, Bitfarm, Hut8, and Argo, the top five U.S.-listed North American bitcoin miners, have mined more than 10,500 BTCs so far this year, according to The Block. Their listing reports indicate that the five companies have added to their balance sheets a total of 17,960 bitcoins, or nearly 820 million dollars, which are four times the 4,176 bitcoins held as of December 31, 2020. As more miners are listed in the U.S., bitcoin output in North America may continue to grow and take a bigger share globally thanks to a stable policy and political environment and a more mature mining construction system.
The booming crypto mining industry is drawing more and more participants. For example, DCG (Digital Currency Group), which owns the world’s largest cryptocurrency fund Grayscale, broker Genesis, and media CoinDesk and invests in Coinbase and other well-known cryptocurrency companies, founded a mining company Foundry last August. Despite many new players, the established Ant Pool, F2Pool, and ViaBTC remain the top three mining pools by hashrate.
Bitcoin, whose value has kept rising since last year, becomes a good investment to many traditional companies, Internet players, and financial institutions. The strong momentum has pushed many to be listed very soon. In the future, miners will likely see another IPO boom as the industry continues to develop.