Disclaimer: The article previously attributed the below development to Applied Blockchain, a London-based Shell-backed distributed ledger technology (DLT) firm. However, the article is updated to attribute the SEC filing with Applied Blockchain Inc. (APLD), a Texas-based Bitcoin mining operator.

Texas-based Bitcoin (BTC) mining operator Applied Blockchain Inc. (APLD) filed an initial public offering (IPO) application on April 8 with the United States Securities and Exchange Commission (SEC) to issue 3,236,245 shares of common stock onto the Nasdaq Global Select Market with the ticker symbol APLD.

APLD currently operates a stock on OTC Pink — the lowest of three tiers within the over-the-counter market as per financial volume and the disclosure of company information required — under the same tag with a share price of $18.84.

The document of application was keen to emphasize that the public offering price would not be determined by or entirely indicative of the current market value of OTC Pink, but rather by diligent assessments conducted by themselves and the underwriters.

Saying this, APLD did outline a guidance valuation for potentially interested parties of between $16.54 and $20.54 per share, a range that provides a median of $18.54.

There is no official timeline for an SEC response, but it usually takes months.

Related: Grayscale CEO pleads Bitcoin spot ETF as SEC backs third BTC Futures ETF

While the SEC has been reluctant to approve Bitcoin ETFs in numerous instances, the commission has recently approved its fourth BTC ETF for Teucrium.

As Cointelegraph reported, the Teucrium ETF joins a growing number of approved futures ETFs, complementing ProShares, Valkyrie and VanEck Bitcoin Futures ETFs.