Bitcoin Mining Firm Bitfury Reportedly Exploring An Initial Public Offering (IPO)

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Europe-based mining company Bitfury is exploring the possibility of an IPO say undisclosed sources close to the company.

As reported by Bloomberg, the move would see the crypto mining hardware maker become Europe’s first public listing of a cryptocurrency firm.

According to sources familiar with the development, Bitfury is considering listing on markets in Amsterdam, London or Hong Kong. Though there has been no final decision on the matter, the unnamed sources say that the listing could occur as soon as 2019.

The company has reportedly approached global investment banks as it weighs the option of a potential IPO.

It is also believed that Bitfury’s market value will likely rise to hit between $3 billion and $5 billion within the next two years if its IPO plans succeed.

While this is expected with a successful listing, growth in the company’s value will depend on the prevailing market conditions and how the crypto industry progresses within this timeframe.

Founded in 2011, Bitfury is now the largest non-Chinese firm that develops blockchain software for Bitcoin (BTC) as well as among the leading providers of mining infrastructure for the top digital asset by market cap.

The firm has also created an efficient algorithm called Flare used for routing on the Lightning network. Flare functions as a secure, off-chain channel that helps make transactions complete faster and with lower commissions.

Bitfury ASIC miners

In September, Birfury released an ASIC mining chip, touted as a strong competitor to the dominant Chinese miner Bitmain.

Dubbed Bitfury Clarke, the company sells the chip as individual units, although the firm has said it could have this next-generation Bitcoin mining chip integrated into its mining centers in Canada, Georgia, Iceland, and Norway.

Bitfury Clarke has been hailed as offering users the most reliable performance and unparalleled efficiency among ASIC chips for the mining of Bitcoin.

Bitfury also released an enterprise-grade Bitcoin mining server, aimed at improving the mining of the leading cryptocurrency.

In July, Bitfury signed a partnership with Hut 8, a Toronto-based bitcoin mining company. The business collaboration saw Canada-based Hut 8 complete its second mining facility in the country.

In the agreement, Bitfury provided access to its mining hardware among other components. The completion of the new facility makes the Canadian company the “largest publicly-traded” operator in the world by capacity.

Bitfury might become the first Europe based crypto firm to go public, but it isn’t the first company in the cryptocurrency mining industry to explore the possibility of undertaking an IPO.

Last month, the leading mining company and hardware manufacturer Bitmain filed for listing on the Hong Kong Stock Exchange.

The potential for an initial public offering would also not be the first time Bitfury is undertaking a fundraising exercise.

Techcrunch reported that the startup has managed to attract funding to the tune of $90 million. The company has conducted five funding rounds, the latest in the series being completed in July 2018.

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