Bitfury May Be Mulling Over an IPO

Bitfury May Be Mulling Over an IPO 1

Bitfury, a leading mining firm and blockchain software company, is reportedly in talks with global investment banks in Europe and Hong Kong as it mulls an Initial Public Offering (IPO), according to Bloomberg sources close to the matter.

The source also indicated that Bitfury is mulling other strategic options alongside the IPO, including debt financing or selling a partial stake in the company. If the mining giant does hold an offering, it’ll reach for an estimated $3 to $5 billion valuation. The offering, which could begin trading as early as next year, could mark Europe’s first public offering by a cryptocurrency company.

A representative from Bitfury told Bitcoin Magazine, “At this time, we don’t have any information or comment on that report.”

Headquartered in Amsterdam and London, Bitfury also has offices in the U.S., the U.K., South Korea, Hong Kong and Japan and recently opened its seventh office in Russia.

Coinbase 3

Since its beginnings as a bitcoin mining firm in 2011, Bitfury has developed a range of blockchain software for governments, institutions and interested companies. Recently, the company worked with the Republic of Georgia to put land titles on the blockchain.

Bitfury is mostly known for its blockchain product Exonum, an open source enterprise-grade blockchain framework created to allow businesses and individuals to build blockchain networks that solve administrative issues.

The company reportedly made revenues of about $450 million over a 12-month period through March 2018. CEO Valery Vavilov and co-founder Valery Nebesny share a majority stake in the company.

The Beijing-based mining giant Bitmain filed for an IPO in Hong Kong last month but is experiencing some questions from investors particularly about lost income into 2018.

Are ICOs Passé?

One of the first pioneering crypto mining companies, it may be surprising that the company chose not to go the ICO route, but it’s in line with a wider industry trend that has sought fundraising from traditional investment avenues rather than the token sale crowdsourcing that was so popular in 2017.

A recent study by blockchain research group Diar reported that, while traditional investment in crypto products has doubled and continues to grow, ICOs have lost 70 percent in value in the last year.

The Diar report shows that almost $3.9 billion in investments was raised in the first three quarters of 2018, 280 percent of what was raised in 2017. The report also indicates an increase in the number of investment deals — almost twice the number recorded in the previous year.

Recently, Fidelity Investments and Goldman Sachs are among the financial companies investing in crypto businesses, adding to traditional financial institutions investing in the space.

Bitfury May Be Mulling Over an IPO 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 47,724.00
ethereum
Ethereum (ETH) $ 3,591.10
cardano
Cardano (ADA) $ 2.43
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 424.20
xrp
XRP (XRP) $ 1.10
solana
Solana (SOL) $ 155.59
polkadot
Polkadot (DOT) $ 34.99
dogecoin
Dogecoin (DOGE) $ 0.24034
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 47,724.00
ethereumEthereum (ETH)
$ 3,591.10
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 635.22
litecoinLitecoin (LTC)
$ 188.50
bitcoinBitcoin (BTC)
40.362,81
ethereumEthereum (ETH)
3.037,19
tetherTether (USDT)
0,845755
bitcoin-cashBitcoin Cash (BCH)
537,24
litecoinLitecoin (LTC)
159,42
bitcoinBitcoin (BTC)
34,398.27
ethereumEthereum (ETH)
2,588.38
tetherTether (USDT)
0.720775
bitcoin-cashBitcoin Cash (BCH)
457.85
litecoinLitecoin (LTC)
135.87

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin47,657 0.21 % 1.00 % 3.41 %
Ethereum3,582.5 0.27 % 2.92 % 2.45 %
Cardano2.430 0.36 % 4.25 % 1.74 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin423.50 0.07 % 2.57 % 2.29 %
XRP1.100 0.09 % 0.73 % 0.75 %
Solana154.50 0.45 % 3.55 % 18.40 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2401 0.07 % 1.91 % 6.43 %
USD Coin1.000 0.34 % 0.08 % 0.16 %

bitcoin
Bitcoin (BTC) $ 47,724.00
ethereum
Ethereum (ETH) $ 3,591.10
cardano
Cardano (ADA) $ 2.43
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 424.20
xrp
XRP (XRP) $ 1.10
solana
Solana (SOL) $ 155.59
polkadot
Polkadot (DOT) $ 34.99
dogecoin
Dogecoin (DOGE) $ 0.24034
usd-coin
USD Coin (USDC) $ 1.00