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Bitcoin miner Rhodium Enterprises postpones $100 million IPO

January 20, 2022

Rhodium Enterprises, a US Bitcoin miner with energy-efficient liquid-cooled mining sites, postponed its IPO on Thursday. It had filed to raise $100 million by offering 7.7 million shares at a price range of $12 to $14.

Rhodium 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.