Bitcoin miner Rhodium Enterprises plans to list on Nasdaq under the ticker “RHDM” through a reverse merger with business consulting firm SilverSun Technologies Inc., Bloomberg reported on Sept. 30.

The deal is scheduled to close later this year and investment bank B. Riley will serve as financial advisor to Rhodium.

Rhodium, one of the few major Bitcoin miners to use a proprietary liquid-cooling system, has been seeking a listing since last year that delayed its debut in the $1.5 billion to $1.7 billion valuation range on the Nasdaq. earlier this year due to a sharp drop. in the price of cryptocurrencies such as Bitcoin (BTC) plans a public offering.

According to the official filing, SilverSun shareholders will receive a cash dividend of at least $1.50 per share, for a total of $8.5 million, and additional stock dividends.

Under the terms of the merger agreement, Rhodium will also create shares in a new subsidiary that will incorporate SilverSun’s traditional business. SilverSun’s board members will continue to serve after the transaction closes.

Rhodium CEO Chase Blackmon said in a statement that:

“We believe that access to the US capital markets is critical to long-term sustainable success in our capital-intensive industry. We believe this strategic transaction will create long-term cumulative value for Rhodium shareholders.”

Rhodium, which recently closed an $11.9 million funding round, plans to raise $30 million through debt, options and securities, according to SEC filings earlier this month.

The company had planned to issue 7.69 million shares for $12 to $14 each, according to IPO documents filed with the SEC in January.

Texas-based Rhodium mines bitcoin on its own using “proprietary liquid-cooled mining technology,” allowing it to average $2,507 in electricity bills per bitcoin it mines during 2021, according to the company’s website.

For the nine months ended September 30, Rhodium posted net income of $46.1 million, or $0.10 per share, on revenue of $82.1 million.

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