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Bitfarms Mining Firm From Israel To Hold IPO In Canada

10:03 20/11/2018

Bitfarms, the Israeli crypto mining service provider, plans to organize an IPO in Canada, as follows from the press release.

 

Bitfarms filed a preliminary application to the regulatory body of the province of Ontario, which must consider it and decide on the placement of securities on the Toronto Stock Exchange.

The shares of the mining company are already listed on the Tel Aviv Stock Exchange, but the management has decided that the placement on the Canadian exchange would be beneficial for both Bitfarms and its subsidiary in this country.

 

Statistics speak in favor of the North American market. In Canada, there are more than three thousand public companies with the total share capital of more than 50 billion Canadian dollars in 2017. Another important thing for the company will be the reduction of the commission fees, which it pays in various provinces of the country.

The analysis shows that Canada is currently one of the most active markets for the placement of securities in the emerging industry of cryptocurrencies and blockchain. Over the past year, companies in this sector have managed to attract considerable investments, Wes Fulford, the Bitfarms executive director, stated.

 

The preliminary application contains information about the financial statements of Bitfarms for the whole period of its activity. After the merger with the Canadian crypto mining firm Backbone Hosting Solutions in the summer of 2017, the value of the Israeli firm's shares reached the unprecedented heights. Bitfarms even attracted the attention of the country's regulators.

 

As previously reported, the application for an IPO submitted by the Chinese mining company Canaan appeared to be overdue.

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