Report: Bitfury Weighs Initial Public Offering

Crypto miner manufacturer Bitfury is reportedly looking into raising funds through an initial public offering.

AccessTimeIconOct 25, 2018 at 8:29 p.m. UTC
Updated Aug 18, 2021 at 10:08 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Crypto miner manufacturer Bitfury is considering holding an initial public offering (IPO) as one of a number of strategic options for raising funds, Bloomberg reported Thursday.

Citing "people familiar with the matter," the report says Bitfury is looking into listing in Amsterdam, London or Hong Kong, possibly as soon as 2019, though no final decisions have been made, according to the report.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • Other options include raising debt financing or selling a minority stake.

    The company has contacted investment banks around the world as it considers whether to hold an IPO, Bloomberg said.

    Bitfury may be valued somewhere between $3 and $5 billion if it goes public within the next two years, according to Bloomberg's sources. However, these valuations are "early estimates and could change depending on markets and the industry," the report continued.

    The company most recently released its latest generation of bitcoin application-specific integrated circuits (ASICs) for mining the world's largest cryptocurrency by market cap last month, as well as an enterprise-grade bitcoin miner earlier in October.

    It has also been working to build up a number of mining farms in Canada through its affiliate, Hut 8 Mining Corp.

    Should Bitfury launch an IPO, it would join fellow miner manufacturer Bitmain, which announced its own public offering last month on the Hong Kong Stock Exchange.

    Bitfury did not immediately respond to a request for comment.

    Bitfury image via Piotr Swat / Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.