🤠 Yee-haw! LandBridge, a US firm known for acquiring land for oil and gas production, is now courting crypto miners. As part of its IPO strategy, the company is offering 14.5 million shares, potentially valuing it at a whopping $1.6 billion. 💰
LandBridge owns around 220,000 acres in the oil and gas-rich Delaware subbasin in Texas and New Mexico. But it's not just oil and gas they're after. They're eyeing crypto miners and data centers, offering them access to water, roads, fiber optic infrastructure, and power.
In 2023, LandBridge earned $52.1 million from non-oil and gas-related royalty revenue, a 56% YoY increase. So, it seems the crypto miners are already biting. 🎣
However, Texas lawmakers are scrutinizing the power-hungry crypto miners and AI data centers. Will LandBridge's strategy pay off? What do you think? Comment below! 👇