SBI Crypto positioned as strategic shareholder
“A lot of synergies available between SBI Group and Northern Data”
Additional Facilities in Canada and Scandinavia
Northern Data AG, one of the world’s largest providers of high-performance computing (HPC) solutions, is now welcoming SBI Crypto as a new strategic shareholder.
SBI Crypto Co., Ltd., is a wholly-owned subsidiary of SBI Holdings Inc. (Tokyo: 8473) engaging in the areas of cryptocurrency mining. SBI Crypto is one of the first enterprises hosted at Northern Data’s new Texas facility and became a strategic partner for projects relating to blockchain technology infrastructure and joint software development and deployment.
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SBI Crypto was one of the holders of the convertible bond issued in November 2019. Together with other strategic partners, which represent the majority of the convertible bondholders, SBI Crypto converted into stock. The strategic shareholders have agreed to a lock-up of up to 36 months subject to customary exceptions.
“There are a lot of synergies available between SBI Group and Northern Data. We look forward to increased cooperation. We have high expectations of them, including software development and producing a positive impact to the energy grid,” explains Carson Smith, CEO of SBI Crypto.
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Aroosh Thillainathan, CEO of Northern Data AG commented as follows: “The first half of 2020 can be seen as a breakthrough for our company, as we moved from the developing and testing phase of the past years into scaling our business with world-class customers and partners. Turning them into strategic shareholders feels like the best possible confirmation that we are on the right track. I am confident that we have everything in place to write an impressive and sustainable success story from where we stand today. We are grateful for the support of our shareholders and are looking forward to continuing our exciting journey with you.”
SBI Crypto is one of Northern Data’s first two major clients that are now live at the new Texas facility. These initial revenues will be detailed in the half-year figures to June 30, 2020, which will be released in September. In addition to the all-new facility in Texas, Northern Data is developing additional sites in Canada and Scandinavia in order to meet overwhelming customer demand. The innovative design of these new facilities is currently in its final stage and the company is planning to officially disclose the locations within the upcoming weeks. Construction will commence shortly after this announcement and the go-live date is targeted for Q1 2021.
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