Crypto miner Stronghold Digital has agreed to pay $4.75 million and 25 bitcoins to settle a class action lawsuit alleging that it exaggerated its bitcoin mining capacity during its 2021 IPO. According to court documents, the settlement was reached after a year of mediation and will be paid in installments of bitcoin over the next 24 months. The lawsuit was filed by the plaintiff in the Southern District Court of New York in April 2022. Under the proposed settlement, Stronghold and the underwriters (a group of investment banks responsible for Stronghold's 2021 IPO) agreed to pay compensation in cash and bitcoin after a year of mediation. The value of the bitcoin portion is approximately $2.2 million based on the current bitcoin price of $90,000. (Bloomberg)