Stronghold Digital Mining stock spikes 52% on its first day of trading

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The stock for Stronghold Digital Mining, a Pennsylvania-based bitcoin mining firm, rose more than 52% on its first day of trading on NASDAQ. 

The pricing range was originally set between $16 and $18 per share, The Block previously reported, with the final price set at $19. As of publication, the stock is now worth nearly $29 

Stronghold first filed for its IPO back in July of this year and hoped to raise $100 million. It ended up raising $127 million.

The mining firm burns waste coal, a by-product of coal mining and an environmental toxin, to power its bitcoin mining operations. The firm operates 3,000 bitcoin mining machines, with hash rate of 185 petahash per second. In August, Stronghold unveiled plans to double its power generating capacity after acquiring a second power plant in the Carbon county of Pennsylvania.

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May 5, 2022, 3:17PM UTC
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