Today if one wants to take exposure to cryptocurrency or the crypto-industry via equity market, there are very few options - Coinbase, Square, Tesla, and MicroStrategy are the names I can think of. Out of these names, Square and Tesla aren't necessarily true exposure to Bitcoin/Crypto. Also, any meaningful exposure one can gain is to one exchange and Bitcoin.
There are a plethora of sectors that are still difficult to get exposure to for traditional investors - DeFi, NFTs, and mining to name a few. Well that may be about to change a little as a mining company may soon get listed on US equity markets.
Pennsylvania-based Bitcoin mining firm Stronghold Digital Mining has filed for a $100 million initial public offering (IPO) with the United States Securities and Exchange Commission (SEC)
Source
The firm has filed its S-1 and is yet to get SEC approval. The good thing about this mining firm is that it is a "sustainability" focussed miner. I had a look at their website and they do not use green energy. They use coal refuse.
The company is primarily based in Pennsylvania and acquires coal refuse plants. These are places where coal mining was active in the past the resultant waste has made these lands uninhabitable. There is no wildlife or greenery that can flourish in such areas. In addition, the resultant pollution from such areas can make life in nearby areas miserable. What Stronghold does is take up these sites, and use the coal waste to burn it in a controlled manner and generate power. The by-product is used to bring the acidity of the land down so that plant life can flourish. That's the sustainability bit.
The story above is important. For all the ESG fanatics who keep criticizing mining, here is an example of responsible mining. Hopefully, the SEC approval will be granted. This IPO is good for the overall ecosystem, as listed entities need to share information with investors. They have to share financials and be transparent about legal matters. Transparency is good for the ecosystem as it helps people understand the true extent of power consumed by a mining company.
Not just that, more number of listed companies means the industry is getting legitimacy and publicity. It will also act as a stimulus for other countries to open up their economies for cryptocurrency. A large and flourishing market, creating employment opportunities, and generating tax revenue, should be welcome in most sane countries. In addition, listed companies can push investors to eventually take positions in Bitcoin when they actually see user growth and sustainable mining, thus increasing adoption.
Let's see when this IPO hits the market. Hope that many more companies will follow Stronghold.