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Crypto mining firm based out of Israel untraditionally files for Canadian IPO

15 Nov, 2018
by Colin Hawkins
News
Crypto mining firm based out of Israel untraditionally files for Canadian IPO

Bitfarms, the crypto mining firm based out of Israel, is filing for a Canadian IPO with the Ontario Securities Commission to offer their public shares on one of the most well renowned stock exchanges in Canada.

As reported by Calcalistech November 12, 2018, Bitfarms, previously saw success on the Tel Aviv Stock exchange, Israel’s only public stock exchange. Upon listing on the TASE the company’s stock shot up by 6,500% over a 13 month period, then slowly dropped to around its initial valuation.

Bitfarms decided to make the move and file for a Canadian IPO due to their analysis on how crypto friendly the Canadian public market is. CEO Wes Fulford states:

“Our analysis suggests that Canada has one of the most active public markets in our emerging industry.”

Although many companies in the crypto space choose to do their funding through ICO’s, Bitfarms chose the more traditional and unorthodox method for funding, IPO’s. In January 2018, Bitfarms made the announcement that it is to offer American Depository Receipts (ADR) on NASDAQ with plans to list on the Toronto Stock Exchange (TSX) by June 2018.

After previously offering the receipts through the Bank of New York Mellon-issued OTC Pink, they decided to opt out and offer ordinary class shares on OTCQX, a top tier ADR program compared to the lowest tier available, which they had offered before.

Bitfarms is not completely new to the Canadian landscape, they currently operate four mining farms in Quebec. At these farms they mine BTC ETH LTC and DASH. Just mining these coins, Bitfarms has seen tremendous amounts of success according to the public reports published August 2018. According to those reports their net revenue was $22.3 million for the first half of the year. $4.9 million of that was their net profit and from that they claim to have mined 3,324 Litecoin, 2,222 Bitcoin Cash, 1,923 Bitcoin, 567 Ethereum, and 220 Dash.

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