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

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 

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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.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.