Home News Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

17
0
SHARE

Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

CANADA, ITAKU – A mining company backed by Bitfury is set to become publicly listed later this month in Canada.

Bloomberg reports that Hut 8 Mining Corp will appear on the TSX Venture Exchange, headquartered in Toronto, later this month. Back in December, Hut 8 announced that it was partnering with Bitfury in order to “acquire, install, maintain and operate North America’s largest bitcoin mining datacenters.” The listing will occur by way of a reverse takeover, through which a company acquires another that is already publicly listed.

At the time, the partnership details indicated that Bitfury would provide a suite of hardware and software tools, as well as logistical support, to fuel Hut 8’s North American expansion plans.

Read also : Kodak is jumping on the cryptocurrency bandwagon

Indeed, Sean Clark, who leads Hut 8, described the company as “a proxy for Bitfury in North America,” positioning the move as a way to tap new funds as part of its continuing scaling efforts.

“We found a perfect vehicle to capitalize incredibly quickly. Bitfury now is going to rebalance the global network,” he told the publication.

Read also : 6 x GPU packs now on sale for miners, GTX 1060s or GTX 1080s

Hut 8 has spent the last two months raising capital and ramping up its operations to open its mining facilities. Notably, in December the company offered 13.2 million shares in a private placement funding round, seeking to raise $33 million at the time. The Globe and Mail reported in January that the company ultimately raised $38 million.

Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

LEAVE A REPLY

Please enter your comment!
Please enter your name here