Stronghold Digital Mining stock soars 60% following ecofriendly Bitcoin miner’s IPO

Ecofriendly cryptocurrency miner Stronghold Digital Mining Inc. (SDIG) soared more than 60% intraday Wednesday following an upsized IPO that priced well above its expected range. SDIG opened at $27 at around 11 a.m. ET and quickly shot up as high as $30.67, ahead 61% from its $19-a-share initial public offering price. Shares later pulled back some, but were still changing hands at $29.39 shortly before 11:30 am. ET, ahead 54.7% for the day. The company’s IPO had already received a warm reception from investors, pricing above its expected $16-$18/share range. Stronghold (SDIG) also upsized the IPO to include some 6.9M Class A shares rather than the roughly 5.9M that the company had originally offered. SDIG aims to engage in ecofriendly mining of Bitcoin (BTC-USD) and other cryptos in Pennsylvania’s coal country, with plans to burn discarded coal refuse from shuttered coal mines to provide electricity. This is a developing story.