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Mining Giant Bitfury Confirms Plans for an IPO

The firm will become one of many crypto mining companies that have gone public.

Shutterstock photo by Burdun Iliya

Key Takeaways

  • Bitfury is planning to launch an IPO in the near future, according to comments made by CEO Valery Vavilov.
  • The company has not announced a date for an IPO, nor has it revealed the exchange that the sale will take place on.
  • The sale will likely be one of the largest initial public offerings from a European cryptocurrency company.

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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 currently valued between $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 its own 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 other companies that deal in crypto.

Disclaimer: At the time of writing, this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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