With paramount growth in the crypto industry, we have seen some companies going public in the crypto domain. Going public in the equity markets gives them the much-needed finances required to expand. Moreover, it also strengthens the transparency of the company. Recently, a Bitcoin mining hardware manufacturer from Europe, Bitfury, plans to go public in the European Markets.
Biftury, a crypto mining hardware manufacturer, specializes in Bitcoin-specific ASICs and services. According to reports, the company recently contacted Deloitte, a major accounting firm, regarding assessment for issuing stock. Moreover, they want to assess the readiness of their stock in the regulated market.
With the crypto industry having stellar growth, many companies want to replicate some of that performance with traditional markets. When Bitfury had its last funding round in 2018, the company raised $80 million from investors. Surprisingly, Galaxy Digital’s Mike Novogratz’s investment into the company scored its valuation to $1 billion. The company is looking into Amsterdam or London as a potential market for the public offering.
While this step will become a big leap for Bitfury, many companies have already ventured into this proposition. For example, Coinbase, one of the leading U.S.-based crypto exchanges, went public in the early months of this year. The crypto exchange achieved a valuation of $50 billion after listing.
Similarly, Canaan Mining, an Asian crypto mining hardware manufacturer, went public in the U.S. markets about two years ago. The company raised $90 million in this process.
A point also to remember: Bitfury’s parent company, Cipher Mining, is trading on Nasdaq through a $2 billion SPAC deal.