Bitcoin mining company Stronghold has reached a $15 million private placement agreement with investors.

According to ChainCatcher news, Stronghold has reached a $15 million private placement agreement with an institutional investor. The company is selling 2.3 million shares of Class A common stock and equivalents at a price of $6.71 per share. The company also issued warrants to the buyer to purchase a total of 2,300,000 shares of Class A common stock, with an initial exercise price of $7.00 per share (subject to adjustment), which cannot be exercised within six months of issuance.

Before deducting issuance costs, the total amount raised from the private placement is $15.4 million. The funds will be used to enhance the growth and efficiency of the company's mining fleet, accelerate its carbon capture program, improve its working capital position, and for general corporate purposes.