Coolbit Technologies, a Bitcoin miner with two facilities in the US and Canada, filed on Friday with the SEC to raise up to $23 million in an initial public offering.
The company plans to raise $23 million by offering 5 million shares (25% secondary) at a price range of $4 to $5. At the midpoint of the proposed range, Coolbit Technologies would command a market cap of $135 million.
Coolbit Technologies is company engaged in Bitcoin mining through subsidiaries in the US and Canada. The company leases high-performance Bitmain miners from partners and deploys them at third-party hosting facilities, which handle installation, configuration, and day-to-day operations. Revenue is generated by contributing hashrate to a mining pool, which allocates Bitcoin block rewards proportionally to the company's share of hashrate contributed; Bitcoin is then liquidated on an as-needed basis to fund operations.
The Richmond, Canada-based company was founded in 2023 and booked $20 million in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol CBAI. Coolbit Technologies filed confidentially on August 29, 2025. Eddid Securities and Futures is the sole bookrunner on the deal.
