Why Europe Based Crypto Mining Startup Bitfury’s IPO, Is a Big Deal?

Bitfury, the major cryptocurrency-mining startup based in Europe, has garnered a lot of attention in recent times because of its abilities to keep its super-fast machines cool by keeping the computers submerged in a non-conductive liquid.

Word is, that Bitfury is considering an Initial Public Coin Offering (IPO) in what could be Europe’s first major listing in this industry. The firm is based in London and Amsterdam and started out in 2011 as a Bitcoin miner. It has also dipped its toes in blockchain technology. Additionally, Bitfury also makes software and chips for mining machines.

For the purpose of their trading debut that they intend to make sometime next year, Bitfury has reached out to major global investment banks in Amsterdam, London or Hong Kong. According to predictions, if Bitfury indeed goes public in the following couple of years, it could potentially be looking at a valuation of $3 billion to $5 billion. This could be a big opportunity for the firm and indeed a talking point for the European crypto industry.

The firm has still not decided on a specific strategy but it is looking into debt financing or selling a minority stake as possible options. The volatility of crypto and the ever changing regulations have prompted significant criticism against the idea of an IPO. Which is why it only makes sense that Bitfury is not rushing this decision.

The big boss in the mining business, Bitmain, had filed for an IPO in Hong Kong last month. Experts believe that Bitmain could raise something around $3 billion. Considering Bitfury’s sales are significantly lesser than Bitmain’s, it is debatable whether Bitfury will be able to rake in enough revenue through an IPO.

A representative of Bitfury was reached out to for a comment, but they are unwilling to give out any information regarding this at the moment.