Disclaimer: This article previously attributed the following development to Applied Blockchain, a London-based Shell-backed distributed ledger technology (DLT) company. However, the article has been updated to attribute the SEC filing to Texas-based Bitcoin mining operator Applied Blockchain Inc. (APLD).
Texas-based Bitcoin (BTC) mining operator Applied Blockchain Inc. (APLD) filed with the U.S. Securities and Exchange Commission (SEC) on April 8 for an initial public offering (IPO) to open a new listing on Nasdaq Grams issued 3,236,245 shares of its common stock on the Global Select Market under the ticker symbol APLD.
APLD currently operates a stock on OTC Pink — the lowest of the three tiers in the over-the-counter market based on financial volume and required company disclosures — at $18.84 under the same label.
The filing documents strongly emphasize that the public offering price will not be determined or fully dictated by the current market value of OTC Pink, but rather a careful assessment by themselves and the underwriters.
That being said, APLD did outline a guided valuation for potential stakeholders between $16.54 and $20.54 per share, with the midpoint of that range at $18.54.
There is no official timeline for the SEC’s response, but it typically takes several months.
Related: Grayscale CEO pleads for Bitcoin spot ETF as SEC backs third BTC futures ETF
While the SEC has historically been reluctant to approve Bitcoin ETFs in many cases, the commission recently approved its fourth BTC ETF for Teucrium.
On the road to $GBTC spot #Bitcoin #ETF conversion, the plot gets more complicated…
— Sonnenshein (@Sonnenshein) April 7, 2022
As Cointelegraph reported, the Teucrium ETF joins a growing list of approved futures ETFs, complementing the ProShares, Valkyrie and VanEck Bitcoin futures ETFs.