Bitcoin Miner Bitari's IPO Seeks Public Funds, Offers Slim Equity Stake

Bitari Inc., a Bitcoin mining host seeking to list on Nasdaq, is planning an initial public offering (IPO) where it will sell 4.3 million shares at $7 each, raising $30 million in gross proceeds.

The company's preliminary S-1 filing proposes that the new investors will receive about 10% of the outstanding shares after the deal, while existing shareholders would retain around 90% of the total shares.

AI Power X Inc. would still control the company with a significant stake of around 85.87%, allowing Chair Pei Zhao to maintain the same level of voting power.

The IPO plans to direct $10.78 million, or 40% of the net proceeds, towards strategic acquisitions and investments, while 30% will go towards global market expansion and brand development.