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Bitcoin miner Rhodium Enterprises withdraws $100 million IPO following merger agreement with SilverSun

November 15, 2022

Rhodium Enterprises, a US Bitcoin miner with energy-efficient liquid-cooled mining sites, withdrew its plans for an initial public offering on Tuesday. It had originally filed in October 2021 to raise $100 million by offering 7.7 million shares at a price range of $12 to $14, but postponed in January and had not updated its prospectus since then. 

This past September, Rhodium agreed to go public via reverse merger with tech firm SilverSun Technologies (Nasdaq: SSNT). The transaction is expected to close by year-end.

On Tuesday, Bitcoin was trading at around $16,900, down about 65% year-to-date, with a decline of 11% over the past month.

In its S-1, Rhodium stated that it strives to create innovative technologies to be the most sustainable and cost-efficient producer of bitcoin in the industry. The cornerstone of the company's infrastructure platform is its proprietary liquid-cooling technology, which it believes presents advantages over traditional air-cooled systems. Rhodium believes it is one of the largest liquid-cooled bitcoin mining sites in the world, with 100 MW of liquid-cooled miners online as of December 31, 2021.

The Rockdale, TX-based company was founded in 2020 and booked $87 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol RHDM. B. Riley Securities and Cowen were set to be the joint bookrunners on the deal.