Crypto Mining Giant Bitfury Considers Initial Public Offering

News | October 26, 2018 By:

Crypto mining giant Bitfury is reportedly considering holding an initial public offering (IPO), which could become Europe’s first major listing in the industry.

Citing people familiar with the matter, Bloomberg reported that Bitfury has reached out to global investment banks as it explores making its trading debut in Amsterdam, London or Hong Kong as early as next year. If Bitfury goes public in the next two years, its value could reach from $3 billion to $5 billion. However, these numbers are “early estimates and could change depending on markets and the industry,” the sources said.

“The blockchain-technology company is exploring a range of options and could decide to raise debt financing or sell a minority stake,” the sources said. “No final decisions have been made.”

Founded in 2011, Bitfury is full service blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. It also operates mining farms in Canada, Norway, Iceland and the Republic of Georgia.

Last month, it launched a new generation of its bitcoin mining hardware based on an application-specific integrated circuit (ASIC) chip, Bitfury Clarke. The new ASIC chip can execute a hashrate up to 120 gigahashes per second (GH/s) and a power efficiency rate as low as 55 millijoules per gigahash (mJ/GH).