Cryptocurrency-mining startup Bitfury is weighing strategic options for raising funds, which includes an initial public offering (IPO) in what could be Europe’s first major listing in the industry, according to people familiar with the matter. Reported by Bloomberg on Thursday, Bitfury is allegedly looking into listing in Amsterdam, London or Hong Kong, possibly as soon as 2019, however no final decisions have been made yet.
Accordingly, people familiar with the matter claimed that Bitfury is examining a range of options, which include raising debt financing as well as selling a minority stake. Should Bitfury go public within the next two years, its valuation could reach from $3 billion to $5 billion. However, the report also pointed out these valuations are “early estimates and could change depending on markets and the industry.”
The startup was founded in 2011 and it is known as the largest non-Chinese company that develops Bitcoin(BTC) mining hardware and provides infrastructure for BTC mining. The company also developed a more efficient algorithm for routing on the Lightning network called Flare, which operates as a secure off-chain channel for faster transactions with less commissions.
Most recently, Bitfury released its latest generation of Bitcoin application-specific integrated circuits (ASICs) for mining the world’s largest cryptocurrency by market cap last month, as well as an enterprise-grade Bitcoin miner earlier in October. It has also been working to build up a number of mining farms in Canada through its affiliate Hut 8 Mining Corp.
The company has apparently come into contact with several global investment banks around the world as it considers its strategic options for an IPO. Should the cryptocurrency mining startup launch an IPO, it would join fellow miner manufacturer Bitmain, which had announced just last month its own IPO on the Hong Kong Stock Exchange.
As of press time, Bitfury has not yet commented or given an official statement regarding this.