Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

NEWS
Nikhilesh De
Feb 12, 2018 at 19:15 UTC  |  Updated  Feb 12, 2018 at 21:07 UTC

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.

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.

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.

Image Credit: Dan Kosmayer / Shutterstock.com

Correction: An earlier version of this report inaccurately referred to the company as "Hub 8." This has been corrected and CoinDesk regrets the error.

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