The company will join a long list of crypto mining firms that have gone public.
Bitfury, the world’s largest Bitcoin mining company, has announced that it will issue an initial public offering (IPO) shortly.
An Initial Public Offering (IPO) for Bitfury is in the works
On Oct. 18, Bitfury CEO Valery Vavilov told cryptocurrency news site Cointelegraph that the company “will be contemplating an IPO as part of its larger development and growth ambitions.”
The firm has yet to disclose a date for its initial public offering and which exchange it will list on.
The Telegraph, a news organization based in the United Kingdom, previously claimed that Bitfury would collaborate with Deloitte to prepare for an IPO. However, the IPO had not been confirmed by Bitfury at the time.
Bitfury’s headquarters are in the Netherlands, although the firm is legally headquartered in the United Kingdom. The IPO will almost certainly be the largest ever for the European cryptocurrency business.
Bitfury’s current market capitalization ranges between $500 million to $1 billion.
Companies in the mining industry are embracing initial public offerings (IPOs)
Many Bitcoin mining companies have gone public, including Bitfury. Stronghold Digital Blockchain went public on Nasdaq last week. Argo Blockchain held its own Nasdaq IPO in September. Riot, HIVE, Marathon, and Canaan are just a few crypto mining businesses that have gone public in recent years.
Bitmain and MicroBT are also preparing their initial public offerings. Those plans, however, have not been completed by either business.
Mining firms are likely to be interested in IPOs because they deal largely with hardware rather than cryptocurrencies. As a result, they are not subject to the same laws as cryptocurrency exchanges, brokerages, and other businesses.