Tuesday, January 31

Bitfury To Be Worth ‘Billions’ with IPO Rumors Resurface

Another wave of speculation regarding the possibility of Bitfury’s initial public offering (IPO), the leading supplier of blockchain infrastructure and software solutions.

According to The Daily Telegraph, the business, which is also a major participant in the Bitcoin (BTC) mining sector, has enlisted the assistance of multinational consulting firm Deloitte. According to the publication, it has received information suggesting that the offering may fetch “billions of pounds.”

Bitfury, based in the Netherlands but registered in the United Kingdom, was allegedly valued at around USD 1 billion in its most recent funding round. The article states that if the listing occurs, it would be the largest ever for a European crypto and blockchain company. Bitfury’s first public offering is likely to occur on the London Stock Exchange (LSE) or the Amsterdam-based Euronext platform, the company said.

This is not the first time that talk about Bitfury’s possible IPO has surfaced. Bloomberg reported in 2018 that the firm has contacted major investment banks about making a trading debut the following year in Amsterdam, London, or Hong Kong.

Meanwhile, Bitfury’s Bitcoin mining subsidiary Cipher Mining (CIFRW) reached an agreement with Good Works Acquisition Corp. in March 2021 to list on the US Nasdaq market through a special purpose acquisition company (SPAC) merger. The merged firm was valued at about USD 2 billion.

Valery Vavilov, a Latvian entrepreneur who also acts as the company’s CEO, created Bitfury in 2011. The company operates cryptocurrency mining activities in a number of jurisdictions, including Canada, Norway, Iceland, and Central Asia.

Bitfury’s backers include Mike Novogratz’s Galaxy Digital and Macquarie, an Australian financial company.

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