Bitfury considering IPO for $3-5 billion

26 Oct, 2018
by David Robb
Bitfury considering IPO for $3-5 billion

Cryptocurrency mining startup Bitfury is considering launching an IPO. Bloomberg reports that the company is intending to seek a valuation of between $3 billion and $5 billion.

Founded in 2011, Bitfury posted revenue figures of about $450 million for the 12 months through March. CEO Valery Vavilov and co-founder Valery Nebesny currently share a majority stake in the company, which is the largest crypto mining firm outside China.

The company is based in London and Amsterdam, and it will likely be seeking to make its public trading debut in one of these two locations, or possibly Hong Kong. It has reached out to a number of global investment banks for funding.

As well as developing and manufacturing crypto mining hardware, Bitfury has explored other related business ventures, including development of blockchain technology. It was involved with creating a more efficient algorithm for routing on the Lightning network, called Flare.

Read more: What are the largest and oldest mining farms in the world?

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