Bitcoin Miner Bitari Asks Public Buyers for Nearly All Funding in Controversial IPO

Bitari Inc., a Bitcoin mining host, is pursuing an initial public offering (IPO) and Nasdaq listing. The company's preliminary S-1 proposes selling 4,285,715 shares at $7 each, raising $30,000,005 in gross proceeds.

The new investors will receive about 10% of the company after the deal, while existing holders would retain 90%. This leaves buyers immediately diluted by $6.31 per share on a $7 investment.

AI Power X Inc., led by Chair Pei Zhao, would hold 85.87% of the outstanding stock after the base offering, maintaining control over the company.