Bitcoin mining firm BitFury is all preparing for one of the largest public listings in Europe within the next 12 months. As per the latest report from The Telegraph, Bitfury is looking ahead at a valuation of a billion pounds.
The BitFury Group is reportedly working with financial auditing giant Deloitte for reviewing its readiness to launch the IPO. BitFury has its main headquarters in the Netherlands, however, has been legally based in the U.K.
During its last fundraising round, BitFury pegged valuations of $1 billion or 730 million pounds. However, the company is seeking ~33% higher valuations in the upcoming public float. Some of the company’s topmost investors are big names from the crypto space. This includes Mike Novogratz’s Galaxy Digital as well as the Australian investment bank Macquarie.
The Largest Ever Public Listing By A Crypto Firm
By going through the initial public offering, BitFury will represent the biggest ever listing by a European crypto company. So far, the U.S.-based Coinbase holds the crown for undergoing the largest public listing by a crypto firm.
Over this summer of 2021, BitFury also spun off a new division dubbed Cipher Mining via a special purpose acquisition deal (SPAC). Cipher has already been listed on the Nasdaq Exchange in the U.S. and holds a valuation of $2 billion. BitFury is a minority shareholder in Cipher Mining.
BitFury specializes in deploying crypto mining hardware to mine digital assets. It has ongoing operations at multiple global locations like Iceland, Norway, Canada, and Central Asia.
After a major crackdown by China earlier in May 2021, bitcoin mining activity has picked up once again. After hitting the bottom in July 2021, the Bitcoin hashrate has recovered 70% so far. As per the data by Blockchain.com, the BTC hashrate as of present is 141m TH/s. It’s a good time for Bitcoin mining to opt for public listing as the market is gathering steam.