Rhodium Enterprises plans to raise up to $100m through IPO

Delaware, US-based mining company Rhodium Enterprises has applied to the SEC for an initial public offering (IPO) on the Nasdaq exchange under the ticker RHDM.

The price range is not specified. B. Riley Securities.

Rhodium Enterprises began operations in September 2020. The firm had a net profit of $14.9m in the first half of 2021 on revenues of $48.2m.

The filing says the company has patented liquid cooling technology that extends the life of miners by 30-50%.

There are 22,600 ASIC devices mining, which consume a total of 80MW. Their hash rate is around 1.8 EH/s. The production site is located in the state of Texas. The firm will launch another mining centre by April 2022.

Rhodium Enterprises will use the IPO proceeds, among other things, to increase capacity by 45MW and bring the hash rate to 2.7 EH/s by the end of the year.

Recall that in October, the Australian mining company Iris Energy submitted an application to the SEC for a share offering.