Bitfury, one of the world's largest companies in the blockchain industry, is considering a possible initial public offering, or IPO, as part of the company's global growth plans, the company's CEO confirmed to Cointelegraph.
"As Bitfury and its portfolio of companies continue their global expansion in the digital asset space, Bitfury will consider an IPO as part of its broader expansion and growth plans," said Bitfury Co-Founder and CEO Valery Vavilov.
According to the executive, Bitfury has not yet determined when and on what exchange the company is willing to proceed with an IPO. The company's last funding round took place in 2018, with Bitfury raises $ 80 million at a billion dollar valuation.
Bitfury investors include European venture capital fund Korelya Capital, South Korean internet giant Naver Group, Asian institutions Macquarie Capital and Dentsu Japan, as well as Michael Novogratz's crypto investment firm Galaxy Digital.
The British news agency The Telegraph originally reported about Bitfury's potential IPO plans on Oct. 10, citing anonymous sources who claim Bitfury turned to accounting firm Big Four Deloitte to review its readiness to go public. The post noted that Bitfury operates its main headquarters in the Netherlands even though it is legally based in the UK. Bitfury did not immediately comment on its legal headquarters to Cointelegraph.
Founded in 2011, Bitfury is a major company in the industry, operating a wide number of services such as crypto mining hardware design, semiconductor chip and software manufacturing, as well as running mobile data centers. The company's US-based Bitcoin mining subsidiary, Cipher Mining, was valued at more than $ 2 billion as of March 2021.
Related: Bitcoin Miner Stronghold To Include Nearly 6 Million Shares In Its $ 100 Million Initial Public Offering
In addition to focusing on cryptocurrency mining, Bitfury has been actively working on cryptocurrency security, research, and blockchain compliance. run platforms like Crystal Blockchain, LiquidStack and the latest spin-off Axelera AI. The firm is also a software provider for some global applications through its private blockchain framework Exonum, which was tested for Russia's blockchain-based voting system in 2020
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