Mining Hardware Producer Bitfury Plans to Go Public

Mining Hardware Producer Bitfury Plans to Go Public


Bitfury, the non-Chinese bitcoin mining hardware maker, is supposedly preparing to go public in the next 12 months. This would make up among the biggest listings of a European-based cryptocurrency mining hardware business to date. The business had an assessment of $1 billion dollars after its most current financing round, and is backed by business like Mike Novogratz’s Galaxy Digital.

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Bitfury Going Public in European Markets

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Bitfury, a cryptocurrency mining hardware maker in Europe, is supposedly preparing to go public in European markets. The business, which focuses on supplying hardware for mining bitcoin and services related to this hardware, apparently called Deloitte, among the huge 4 accounting companies, to examine its preparedness for the procedure of releasing stock in a regulated market, according to a post released by the Telegraph.

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The business wishes to take advantage of the cryptocurrency booming market to see much better efficiency with public markets. Bitfury’s last financing round happened back in 2018, when the business raised $80 million from financiers like Galaxy Digital’s Mike Novogratz, scoring an assessment of $1 billion. Bitfury is supposedly checking out Amsterdam or London as the possible market for its public offering.

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Other Crypto Business Going Public

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If Bitfury does make the leap to being a publicly-traded business, it would not be the very first in crypto. Previously this year, Coinbase, among the leading US-based cryptocurrency exchanges, went public, providing traders the chance of buying the future of the crypto world without investing straight in cryptocurrencies. The company attained an assessment of $50 billion after the listing. Other cryptocurrency mining-related business are currently selling public markets, too.

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Canaan Mining, an Asian crypto mining hardware maker went public in U.S. markets in November 2019, raising $90 million dollars while doing so. Bitfury is likewise the moms and dad business of Cipher Mining, which currently is trading on Nasdaq through a $2 billion SPAC handle Great Functions Acquisition Corp. Bitfury still owns a minority stake in the business.

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According to estimates, the evaluation of the business may increase to billions of dollars after the listing, having actually gotten earnings of more than $140 million throughout2019 This indicates the increasing significance that bitcoin is having in the financial and geopolitical world after El Salvador’s Bitcoin Law formally made it legal tender last month, and a growing number of business are thinking about buying Bitcoin as an inflation hedge.

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What do you think about Bitfury’s strategies to go public? Inform us in the remarks area listed below.

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