Bitari Files for Nasdaq Listing with Potential $30M Raise

Bitari, a Texas-based Bitcoin mining hosting firm, has filed for an initial public offering (IPO) on the Nasdaq Global Market. The company proposes to sell 4,285,715 shares at an expected price of $7 each, potentially raising around $30 million. This would be used to fund various initiatives, including acquisitions and investments in companies specializing in blockchain infrastructure, AI, or energy technologies.

Bitari currently operates three 20MW Bitcoin mining facilities, with two located in Texas and one in Indiana. The company is also pursuing the conversion of its Wheeler facility into an AI data center, which would require additional power and infrastructure upgrades. Details regarding the cost and potential delivery date of the power expansion will depend on the completion of a Southwest Power Pool load study.

The proposed IPO follows several other Bitcoin infrastructure companies into the public markets, including Ionic Digital's direct listing on Nasdaq in July. Bitari plans to allocate around 40% of the proceeds for acquisitions and investments, 30% for expansion and brand development, and 15% for new cryptomining operations and infrastructure.