Bitfarms targets IPO in Canada

Posted 19 November, 2018

Israel-based Bitfarms is said to consider share listing in Canada. 

The company has submitted the preliminary prospectus to Ontario's Securities Commission striving to fully comply with the requirements for IPO on the Toronto Stock Exchange.

"We are currently evaluating a listing in Canada as we endeavour to grow Bitfarms’ visibility, improve our access to capital and streamline expenses..." noted Wes Fulford, CEO Bitfarms in the press release.

For reference, the company was acquired by Backbone Hosting Solutions Inc. in July 2017. The latter is large crypto mining company that run 4 mining farms in Quebec (27.5 MW in total) by the moment of the acquisition. The companies merged when Bitcoin skyrocketed, so the company shares hiked attracting the attention of Israel's Securities Authority.

At present, Bitfarms is being listed on the Tel Aviv stock exchange, but expansion to Canada is believed to bring extra fruits to the company.

"Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructures and cryptocurrency mining companies having listed and raised significant capital over the last twelve months,” he added.

With the successful listing, Bitfarms will be able to get reduced administrative and other fees paid for business activities and operational reports in different jurisdictions of Canada.

Lately, increasing number of companies in the crypto mining segment start targeting IPOs. Specifically, Canaan is rumoured to keep considering public listing on Hong Kong Stock Exchange despite expired application.

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20 November, 2018 11:30

← Draft crypto rules expected in India next month

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Draft crypto rules expected in India next month

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