Bitcoin hosting firm Bitari files for $30m Nasdaq IPO

Bitcoin mining hosting firm Bitari has filed for an initial public offering that could raise approximately $30 million.

The Texas-based company filed an S-1 registration statement with the US Securities and Exchange Commission last month, proposing the sale of 4,285,715 shares at an expected price of $7 each.

Bitari has applied to list on the Nasdaq Global Market under the ticker BIAI. Nasdaq has yet to approve the application, and the filing did not provide a date for the proposed listing.

US Tiger Securities is serving as the representative of the underwriters and has been granted an option to acquire an additional 642,857 shares. Full exercise of the option would increase the gross proceeds to $34.5m.

After expenses, Bitari expects to receive approximately $26.95 million, or $31.16 million if the over-allotment option is exercised in full.

Around 40 percent of the proceeds have been earmarked for acquisitions and investments in companies specializing in blockchain infrastructure, AI, or energy technologies. Bitari said it has not identified any acquisition targets or entered negotiations.

A further 30 percent would support expansion and brand development, while 15 percent would be used for new cryptomining operations and infrastructure. Bitari plans to allocate 10 percent to research and development of HPC and energy-efficient technologies, with the remainder reserved for working capital.