The raise comes from two private placements of equity securities, with investors being granted registration rights that require a future public listing, Stronghold told CoinDesk.
The Pennsylvania company converts waste coal, a material left over from coal mining, into power used to mine bitcoin and other cryptocurrencies.
The company describes itself as a “vertically integrated” miner, meaning that in addition to owning its own mining hardware, it also owns a power plant.
In mid-May, Elon Musk announced his company, Tesla, would no longer accept bitcoin as a payment method citing environmental concerns.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.