Major Israeli Crypto Mining Company Files for an IPO in Canada
One of the largest Israeli crypto mining companies, Bitfarms, has filed a preliminary prospectus with the Ontario Securities Commission, which marks the first step in the process for Initial Public Offering (IPO).
Bitfarms is currently listed on the Tel Aviv Stock Exchange, however, according to the press release published by the company, they feel that IPO in Canada will provide them with a much bigger visibility.
“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,” said Chief Executive Officer of Bitfarms, Wes Fulford.
As part of the preliminary prospectus, Bitfarms has disclosed its financial statements. After the company pivoted to blockchain and merged with Canadian cryptocurrency mining firm Backbone Hosting Solutions Inc. in July of 2017, its stock price increased so much that the Israel Securities Authority had to step in.
With this announcement, Bitfarms becomes one more crypto company going through a massive IPO, joining other successful ventures in the industry. Just a few weeks ago, the major U.S. cryptocurrency exchange, Coinbase, announced an IPO with an $8 billion valuation. Additionally, a major European crypto mining firm Bitfury is in the works to file for the first IPO in Europe with a $3 billion valuation.