Major Crypto Mining Equipment Producer Bitfury Decides to Go Public
European-based major crypto mining equipment producer and supplier, Bitfury, has decided to go public before 2023. The current valuation of Bitfury is over and above US$ 1 Billion and apparently, the manufacturer is supported by companies such as Galaxy Digital belonging to Mike Novogratz.
Bitfury is a European-based crypto mining equipment producer and supplier. The manufacturer has revealed its intention to go public which it plans to carry out before the start of 2023.
The mining hardware producer is one of the leading manufacturers which is a non-Chinese manufacturer. It usually covers the European as well as international markets outside the European region. It specializes in producing state-of-the-art Bitcoin mining rigs. It was reported that the company had requested the world’s leading accountant firm namely Deloitte. Deloitte has been asked by Bitfury to assess whether the company is ready to go public or not. For this purpose, Deloitte would be looking into Bitfury’s available stocks which would then be made available in the regulated market.
It is obvious that Bitfury’s decision to go public is inspired because of the bullish signal in the crypto market. The company had lastly collected funds in a fundraising round almost three years ago in 2018. At that time, the company successfully arranged for US$ 80 Million in the fundraising round. Most importantly, during that fundraising session, Mike Novogratz’s company namely “Galaxy Digital” became its funding partner as well. Thereafter, Bitfury’s valuation was determined to be exceeding US$ 1 Billion. It is expected that Bitfury might be offering its stocks in the UK market for the purposes of going public.
There is definitely a growing interest within the crypto sector where companies have started to look at the option of going public. Prior to Bitfury’s intention, it was Coinbase that successfully became a NASDAQ-listed crypto company. Since Coinbase has become a public listed company, it has been allowing investors the chance to invest in the crypto future. Currently, Coinbase’s valuation was determined to be more than US$ 50 Billion, which is after it went public. That is why businesses associated with crypto are considering the opportunity of going public very seriously.
Canaan is also a company involved in the business of manufacturing crypto mining rigs. However, the company is China-based but decided to the public its business in the US market. When Canaan resorted to fundraising round, it collected US$ 90 Million from the US market as an investment. Thereafter, the company officially went public in the US at the end of 2019.
Apparently, Bitfury is an owned subsidy of a public listed company namely Cipher Mining. It is quite possible that in the year 2023 or a little year, Bitfury too will become a public listed company.
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