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..
The company currently operates three 20MW Bitcoin mining facilities. Its Wheeler, Texas, site was completed in 2023 and hosts 5,838 mining machines, while a second facility in Dumas, Texas, began operating in July 2026 and currently hosts 2,268 machines.. Since April 2026, Bitari has operated a 20MW Bitcoin mining site in Marion, Indiana, owned by Your Choice Digital Inc.
The facility hosted 5,300 mining machines as of the IPO filing.. The company said it is pursuing the conversion and expansion of its Wheeler facility into an AI data center and is negotiating with potential engineering, procurement, and construction contractors.. In April, Bitari signed a preliminary development agreement with Aleria Technology and Ricloud AI covering the proposed AI facility.
The company has also started the interconnection process with Xcel Energy for up to 255MW of additional power and ordered a 200Gbps fiber connection from FiberLight.. Details regarding the cost and potential delivery date of the power expansion will depend on the completion of a Southwest Power Pool load study..
Bitari follows several Bitcoin infrastructure companies into the public markets. Ionic Digital completed a direct listing on Nasdaq in July after securing $400m in funding ahead of its debut.. The proposed Wheeler conversion also follows similar moves by cryptomining firms including Riot Platforms and Bitfarms, which are repurposing mining infrastructure for AI and HPC workloads..
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