Bitcoin Miner Northern Data Soars After Auditor Approves Results
Bitcoin Miner Northern Data Soars After Auditor Approves Results
(Bloomberg) --
Northern Data AG soared as much as 29% in Frankfurt trading after the German Bitcoin miner said auditor KPMG signed off on its annual and consolidated financial statements for last year.
Northern Data’s executive board confirmed its guidance for the year following receipt of the audit. It plans to present the statements and the Supervisory Board’s report to the annual general meeting, which will take place no later than Dec. 23.
Shares of the Frankfurt-based company tumbled in early October after financial regulator BaFin asked local prosecutors to investigate an allegedly misleading ad-hoc statement by Northern Data in November 2019. The company dismissed allegations of market manipulation at the time, and said it was confident it would clarify the matter “in full cooperation with the authorities.”
The issue related to the company’s acquisition of Whinstone US Inc. and whether the expectations expressed about the transaction were adequate, it said on Oct. 5. At the time, Northern Bitcoin -- as the company was then called -- used its own shares to purchase Whinstone, which operates the world’s largest bitcoin mining site in Texas.
Valued at more than 2 billion euros ($2.32 billion) at its peak in February, and backed by billionaire tech investor Christian Angermayer, Northern Data had already come under pressure after failing to promptly file audited 2020 accounts.
Northern Data’s shareholders include Angermayer’s Cryptology Asset Group and Brendan Blumer’s Block.One. Bloomberg reported in February that the company was working with Credit Suisse Group AG on plans for a U.S. listing.
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