Bitcoin mining infrastructure company Bitari has submitted an IPO application to Nasdaq, planning to raise $30 million

According to CryptoBriefing, Texas-based Bitcoin mining infrastructure company Bitari Inc. submitted an S-1 registration statement to the U.S. SEC on August 21, seeking to raise $30 million through an initial public offering (IPO) on the Nasdaq Global Market, with the stock ticker BIAI.

This offering will issue 4,285,715 shares of common stock, priced at $7 per share, with expected total proceeds of approximately $30 million, and net proceeds of about $27 million after underwriting and related expenses. Bitari is responsible for building and operating the physical infrastructure required for Bitcoin mining. Its current core facility is a 20-megawatt operational mine located in Wheeler, Texas. A second 20-megawatt mine is under construction in Dumas, Texas, and the company also has a contracted 20-megawatt mine in Marion, Indiana.