Bitfury-Backed Bitcoin Miner Hut 8 Prepares to Go Public

Hut 8, two months after announcing its partnership with Bitfury, is preparing to be listed on the TSX Venture Exchange prior to expanding mining ops.

Feb 12, 2018 at 7:15 p.m. UTC
Updated Sep 13, 2021 at 7:33 a.m. UTC

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

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.

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

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.