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The Bitcoin mining giant Bitfury has confirmed that it plans to carry out an initial public offering (IPO) in the near future.
Bitfury IPO Is On the Way
Bitfury CEO Valery Vavilov confirmed its plans to crypto news site Cointelegraph on Oct. 18, stating that the firm “will be considering an IPO as part of its broader expansion and growth plans.”
The company has not yet announced a date for its IPO, nor has it stated which exchange it will launch the IPO on.
U.K. news outlet The Telegraph previously reported that Bitfury would work with the consulting firm Deloitte in preparation for an IPO. At that time, the IPO had not been confirmed by Bitfury itself.
Bitfury’s offices are based in the Netherlands, while the company is legally based in the U.K. The offering will likely be the largest IPO from a European cryptocurrency company to date.
Bitfury is usually valued at roughly $500 million to $1 billion.
Mining Companies Embrace IPOs
Bitfury is one of many Bitcoin mining firms that have gone public. Last week Stronghold Digital Blockchain, launched its IPO on Nasdaq. In September, Argo Blockchain ran another sale via Nasdaq. Other crypto mining companies including Riot, HIVE, Marathon, and Canaan have also carried out IPOs in recent years.
Bitmain and MicroBT are also planning to carry out their own IPOs. However, neither firm has finalized those plans.
IPOs are likely popular among mining companies due to the fact that they work primarily with hardware rather than cryptocurrency itself. As such, they do not face the same regulations as exchanges, brokerages, and similar companies.
Disclaimer: At the time of writing, this author held less than $75 of Bitcoin, Ethereum, and altcoins.