Northern Data: European Bitcoin Miner Considers $16 Billion U.S. Listing

TLDR

• Northern Data, Europe’s largest Bitcoin miner, is considering an IPO for its AI and data center businesses in 2025
• The IPO could value the company between $10 billion and $16 billion
• Northern Data has expanded from Bitcoin mining into AI and cloud computing
• The company secured $610 million in debt financing from Tether in 2023
• Other Bitcoin miners are also diversifying into AI as mining profits decrease

Northern Data, a German company known as Europe’s largest Bitcoin miner, is looking to go public in the United States.

The company is planning an initial public offering (IPO) for its artificial intelligence (AI) and data center businesses. This move could value the company between $10 billion and $16 billion.

The IPO is planned for the first half of 2025 on the Nasdaq stock exchange. Northern Data is talking to potential advisers about the listing. The company might also sell a small part of the business to investors before the IPO.

Northern Data’s plan involves listing two of its business units. One is called Taiga, which handles cloud computing. The other is Ardent, which manages data centers. The company might also list its Bitcoin mining business, Peak Mining, separately.

This isn’t the first time Northern Data has thought about going public in the U.S. In 2021, the company considered an IPO for its cryptocurrency mining business, but it didn’t happen.

Northern Data started as a Bitcoin mining company in 2009, making it one of the oldest in the industry. Over time, it has grown and changed. Now, it does more than just mine Bitcoin. The company has moved into cloud computing and AI, which are fast-growing areas of technology.

This shift is part of a larger trend in the Bitcoin mining industry. As profits from mining have gone down, many companies are looking for new ways to use their resources. Northern Data, along with other miners like Core Scientific, TeraWulf, and Hut 8 Corp, are now working in AI and cloud computing.

Northern Data’s move into AI comes at a time when there’s a lot of interest in this technology. Many companies are investing heavily in AI, and Northern Data wants to be part of this growth. The company plans to use 20,000 of Nvidia’s H100 chips, which are some of the most advanced AI chips available.

To support its growth plans, Northern Data got $610 million in debt financing from Tether, a company known for its stablecoin, in November 2023. This money is being used to buy advanced computer chips and expand the company’s operations.

Northern Data’s Bitcoin mining unit, Peak Mining, is still a significant part of the business. It has nearly 700 megawatts of data centers being built or developed in the U.S. This makes it one of the largest crypto miners in the country.

The company’s move towards an IPO comes as the cryptocurrency industry faces challenges. Other crypto companies like Circle and Kraken have had trouble going public due to regulatory issues. However, Northern Data’s focus on AI and cloud computing might help it avoid some of these problems.

It’s important to note that Northern Data’s IPO plans are not final. The details could change, or the company might decide not to go ahead with the IPO. The company has not officially commented on these plans.

As Northern Data prepares for a possible IPO, it represents a shift in the Bitcoin mining industry. Companies are adapting to changing markets by expanding into new areas of technology.

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