Applied Blockchain Inc. (APLD), the Texas-based Bitcoin (BTC) mining operator, has filed an initial public offering (IPO) application on April 8 to the United States Securities and Exchange Commission (SEC) to issue 3,236,245 shares of common stock onto the Nasdaq Global Select Market with the ticker symbol APLD.
It has been reported that APLD currently operates a stock on OTC Pink, the lowest of three tiers within the over-the-counter market as per financial volume and the disclosure of company information required, under the same tag with a share price of $18.84.
However, the document of application was keen to emphasize that the public offering price would not be determined, or entirely indicative, of the current market value of OTC Pink, but rather by diligent assessments conducted by themselves and the underwriters. Saying this, APLD did outline a guidance valuation for potentially interested parties of between $16.54 and $20.54 per share, a range that provides a median of $18.54.
The report said that there is no official timeline for an SEC response, but in usually circumstances it takes months. While the SEC has historically shown reluctance in approving Bitcoin ETFs in numerous instances, the Commission has recently approved its fourth BTC ETF for Teucrium.
Thus, the Teucrium ETF joins a growing number of approved futures ETFs, complementing ProShares, Valkyrie, and VanEck Bitcoin Futures ETFs.