Druces have advised Cairn Financial Advisers LLP and Oak Securities (a trading name of Merlin Partners LLP), on the admission of Sterling Digital PLC to the Access Segment of the Aquis Stock Exchange and a £4m placing

Sterling Digital was incorporated in order to initiate Bitcoin mining operations at low-cost stranded gas sites in the US, by locating modular, self-contained Bitcoin mining operations directly on stranded gas fields, thereby securing a reliable, low-cost and sustainable energy supply for the generation of Bitcoin. The net proceeds of the placing will be used, inter alia, to develop a 3MW Bitcoin mining facility located in Texas, US, using flared natural gas from oil wells as the energy source, producing electricity at significantly lower costs than the industry average, and to purchase and initial deployment of the latest-generation Bitcoin mining hardware.

Jo Turner, Partner at Cairn, shared:

“As always, Jack and Mark struck the perfect balance of carefully managing the more complex issues whilst ensuring the transaction moved forward. It’s a pleasure to work with them.”

Jack Dervyn, Partner and Head of Capital Markets, commented:

“Congratulations to all involved on the admission of Sterling Digital.. This transaction involved consideration of a blend of areas, energy, crypto and corporate. We look forward to working again with the teams at Cairn and Oak.”

The Druces deal team consisted of Jack Dervyn (Partner and Head of Capital Markets) and Mark Lamph (Senior Associate).