HomeCryptoBitfury CEO confirms IPO considerations are part of expansion plans

Bitfury CEO confirms IPO considerations are part of expansion plans

Bitfury, one of the world’s largest corporations within the blockchain trade, is mulling a possible preliminary public providing, or IPO, as part of the corporate’s world development plans, the corporate’s CEO confirmed to Cointelegraph.

“As Bitfury and its portfolio of companies continue their global expansion in the digital assets space, Bitfury will be considering an IPO as part of its broader expansion and growth plans,” Bitfury co-founder and CEO Valery Vavilov stated.

According to the chief, Bitfury has not but decided when and on what alternate the corporate is prepared to proceed with an IPO. The firm’s final funding spherical passed off in 2018, with Bitfury elevating $80 million at a $1 billion valuation.

Bitfury’s buyers embody European enterprise capital fund Korelya Capital, South Korean web big Naver Group, Asian establishments Macquarie Capital and Dentsu Japan in addition to Michael Novogratz’s crypto funding firm Galaxy Digital.

British information company The Telegraph initially reported on Bitfury’s potential IPO plans on Oct. 10, citing nameless sources claiming that Bitfury tapped Big Four accounting agency Deloitte to evaluate its readiness for going public. The publication famous that Bitfury operates its predominant headquarters within the Netherlands though it’s legally primarily based within the United Kingdom. Bitfury didn’t instantly touch upon its authorized headquarters to Cointelegraph.

Founded again in 2011, Bitfury is a significant firm within the trade, working a large quantity of providers like crypto mining {hardware} design, software program and semiconductor chips’ manufacturing in addition to working cell information facilities. The firm’s United States-based Bitcoin mining subsidiary, Cipher Mining, was valued at over $2 billion as of March 2021.

Related: Bitcoin miner Stronghold will listing virtually 6M shares in its $100M IPO

Apart from specializing in cryptocurrency mining, Bitfury has been actively engaged on cryptocurrency safety, blockchain analysis and compliance, working platforms like Crystal Blockchain, LiquidStack and the newest spin-off Axelera AI. The agency can be a software program supplier for some world functions by its Exonum non-public blockchain framework, which was trialed for Russia’s blockchain-based voting system in 2020