Bitcoin miner, Stronghold Digital Mining (SDIG) couldn’t have picked a better day to IPO.
With Bitcoin at a new all-time high above $66,000, SDIG is up 59% to $30.20. From here, the stock could easily run higher, especially on its green energy news.
In fact, according to the company’s site:
“We wholly own and operate a low-cost, environmentally beneficial coal refuse power generation facility, and it is recognized as an Alternative Energy System because coal refuse is classified under Pennsylvania law as a Tier II Alternative Energy Source (large-scale hydropower is also classified in this tier). We are committed to generating our energy and managing our assets sustainably, and we believe that we are one of the first vertically integrated crypto asset mining companies with a focus on environmentally beneficial operations.”
That’s a big positive, especially with investors seeking environmentally friendly Bitcoin miners.
Helping, the company has already has 3,000 miners, and contracted for 26,150 more. It also has plans to use funds from its IPO to buy another 55,800 mine machines by the end of 2022.
In addition, as the price of BTC explodes on retail and institutional interest, SDIG should follow.
Better, Fundstrat Global Advisors’ Tom Lee says Bitcoin could run to $100,000 this year. Fidelity’s director of global macro, Jurrien Timmer, as noted by Yahoo Finance, says Bitcoin could hit $100,000 by 2023, which should be a big catalyst for mining stocks.
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