Coolbit Technologies Abandons $23 Million IPO Bid Due to Market Conditions

Coolbit Technologies, a bitcoin miner with operations in the US and Canada, has withdrawn its plans for an initial public offering (IPO) citing market conditions. The company had filed to raise $23 million by offering 5 million shares at a price range of $4 to $5.

Coolbit was founded in 2023 and generated $20 million in revenue over the 12 months ended September 30, 2025. It had planned to list on the Nasdaq under the symbol CBAI with Eddid Securities as its sole bookrunner.