Bitfury is on its path to Europe’s first major crypto IPO
Rumor has it Coinbase is not the only crypto company considering to cash out big.
According to the inside sources familiar with the matter, one of Europe’s major startups in the cryptocurrency industry, Bitfury, is currently weighing several strategic options, one of them is an initial public offering.
None of the details are public as of yet, however, it was reported that Bitfury has already reached out to several major banks in London, Amsterdam and Hong Kong as early as this year. No final decisions have been made, and in the meantime, the blockchain company is exploring several possible scenarios, including raising a debt financing or selling a minority stake.
A maker of crypto-mining gear, Bitfury is a profitable venture with annual revenue of about $450 million. CEO Valery Vavilov and co-founder Valery Nebesny still own a major part of the company. According to financial experts, if Bitfury officially decides to go public in the next 2 years, it could see the valuation of 3 to 5 billion USD, which would make it Europe’s biggest crypto IPO. Traditionally, most financial industry investors preferred to stay cautious when it came to cryptocurrency startups, but it all can change quickly now, following the recent wave of government approvals in the industry, financial experts say.