Bitfury eyes possible initial public offering by 2019: report

Getting your Trinity Audio player ready...

Cryptocurrency miner manufacturer Bitfury is reportedly looking at various strategic options to raise funds, including holding an initial public offering (IPO). Other possible fundraising options include raising debt financing as well as selling a minority stake in the company. Sources familiar with the matter, however, noted that Bitfury has yet to decide on which fundraising strategy to punt on.

According to Bloomberg report, if Bitfury holds the initial public offering, it will be the largest listing in Europe. The crypto start-up has reportedly contracted global investment banks ahead of the potential IPO. Bitfury is looking into listing in Amsterdam, Hong Kong or London as early as 2019, the report noted.

Going public will increase the value of Bitfury to somewhere between $3 and $5 billion in the next two years. However, this evaluation is merely an estimate and could change depending on the market, according to the report.

If Bitfury pushes through with its plans, it’ll be the latest crypto manufacturer to raise funds via IPO. This year, Canaan Creative and Ebang Communication have submitted their prospectus to the Hong Kong Stock Exchange. Bitmain also announced its plans for IPO; however, recent reports indicate the company is suffering from inventory losses, a lack of new manufacturing and the dwindling crypto mining market, which has already caused Nvidia to pull back on its production and financial forecasts.

Since its launch in 2011, Bitfury has been quite active in cryptocurrency and blockchain activities. Bitfury, the largest non-Chinese-owned company, develops Bitcoin blockchain software and provides infrastructure for Bitcoin mining. The company also developed products like a digital ledger for cryptocurrency transactions, chips for mining machines and software for institutions, governments, and companies.

Last month, Bitfury Group released its latest cryptocurrency mining application, the Bitfury Clarke. The specific integrated circuit (ASIC) chip is fully customized for SH 256Bitcoin mining. In the announcement, Bitfury announced it was planning to include the new chips in its mining centres in Iceland, Canada Norway, and Georgia.