Crypto Miner Stronghold Surges After Debuting on Bitcoin’s Record-Setting Day
The newest crypto stock surged on its first day of trading as Bitcoin climbed to a record high.
Crypto miner Stronghold Digital Mining Inc. rose 52% from its initial public offering price in Wednesday’s debut session, which came as Bitcoin topped $66,000 for the first time. The trade unfolded after Tuesday’s launch of the asset’s first U.S. exchange-traded fund signaled greater mainstream acceptance.
Other stocks exposed to cryptocurrencies also climbed in tandem. Top performers include an 18% jump in Canaan Inc., an 11% gain by Bigg Digital Assets Inc. and a 7.7% rise in Silvergate Capital Corp.
U.S.-based Stronghold, which operates its own coal-waste power plant, went public amid the crypto industry’s shift out of China. B. Riley and Cowen led the $127 million offering, which priced above the marketed range and got upsized.
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