Israeli Crypto Mining Firm Files for IPO in Canada

Israeli Crypto Mining Firm Files for IPO in Canada

Israeli cryptocurrency mining company Bitfarms wants to become a public company in Canada.

According to its press release, the mining company revealed that it had filed a preliminary prospectus with the Ontario Securities Commission, as it commences with the regulatory process for offering public shares on the Toronto Stock Exchange.

Bitfarms, the crypto mining farm provider, is also listed on the Tel Aviv Stock Exchange but the board feels the Canadian-headquartered and operated mining company could benefit from participating in the Canadian public markets.

The board sees the company benefiting from the Canadian capital market, which has raised over CAD$54B in equity capital during 2017? and through greater visibility, research analyst coverage, trading volumes, and improved access to North American capital markets. Most importantly, the public listing of Bitfarms shares will also help streamline the fees the mining company currently pays for operating and reporting in different jurisdictions in Canada.

Chief Executive Officer of Bitfarms, Wes Fulford, argued that the firm would have greater visibility and access to funds by listing their shares on the capital market.

The preliminary prospectus submitted to the Ontario Securities Commission includes the companys historical financial statements,

Bitfarms pivot to blockchain and merged with Canadian cryptocurrency mining firm Backbone Hosting Solutions Inc. in July 2017. The announcement of the merger, which came on the heels of bitcoins incredible run last year, had sent the companys stock price through the roof, so much that the Israel Securities Authority had to wade in.

The market has been inundated with IPO news from mining firms of late. Just last week, Chinese-based Canaan was rumored to be having second thoughts about its plan to list shares on the Stock Exchange of Hong Kong (HKEX). This is all speculation but the reports points towards the local regulators raising eyebrows regarding the bitcoin mining firms business model.

While the industry is still waiting for Bitmains planned IPO, Amsterdam-based Bitfury has intensified its efforts as it seeks to float the first cryptocurrency IPO in Europe.

Featured image from Shutterstock.

19.11.2018 / 04:45 57
The Daily: Coffee Company to Pay Farmers in Bitcoin, Bitfurys Latest Investment The Daily: Coffee Company to Pay
In todays edition of The Daily, we feature an upcoming bitcoin cash token backed by physical diamonds and an American coffee company that has decided
Ether Capital Shares Commence Trading on Canadian Stock Exchange Ether Capital Shares Commence Trading
The stock of cryptocurrency investment firm, Ether Capital, has commenced trading on Toronto-based NEO Exchange. The listing comes days after the
Blockchain Mining Completes Bitfarms Merger, Stock Jumps 49% Blockchain Mining Completes Bitfarms
Israeli equity investors seem to maintain a strong appetite for exposure to the bitcoin ecosystem. The value of a public company traded on the TASE
Canadian Mining Giant HyperBlock Acquires CryptoGlobal for $106 Million Canadian Mining Giant HyperBlock
The Canadian mining organization, one of the largest in North America, has just announced plans to acquire CryptoGlobal. The deal has been estimated
Bitfury-Backed Bitcoin Miner Secures Canadian Land Deal Bitfury-Backed Bitcoin Miner Secures
Bitcoin mining firm Hut 8 is officially setting up shop in Alberta, Canada. The Bitfury-backed company announced Monday that it had secured a deal
Bitfarms to Raise Up to CAD$50m to Scale Cryptocurrency Mining Operation Bitfarms to Raise Up to CAD$50m to
Canada seems to have become the hottest destination for bitcoin miners from all over the world thanks to a combination of cheap renewable
Comments (0)
Add a comment
Comment on