Israeli Cryptocurrency Mining Firm Bitfarms Files for IPO in Canada

In a recent development, Bitfarms Ltd, an Israeli cryptocurrency mining giant, announced that it has filed for an IPO in Canada. According to the official press release, the Company filed a preliminary prospectus with the Ontario Securities Commission on November 9, in a move to offer public shares on one of Canada’s leading exchanges.

The company was reportedly evaluating the potential benefits of participating in the Canadian public markets.

On this, Wes Fulford, CEO of Bitfarms remarked, “We are currently evaluating a listing in Canada as we endeavor to grow Bitfarms’ visibility, improve our access to capital and streamline expenses. Our analysis suggests that Canada has one of the most active public markets in our emerging industry, with several blockchain infrastructures and cryptocurrency mining companies having listed and raised significant capital over the last twelve months.”

Earlier known as Bitfarms Technologies Ltd and Blockchain Mining Ltd, Bitfarms is already listed on the Tel Aviv Stock Exchange. Since its listing, the company has seen its stock price shoot up by 6,500%. But the management board believes that the company would benefit even more by participating in Canada’s public markets.

Canadian peers of Bitfarms have been able to gain immense benefits due to the ‘greater visibility, research analyst coverage, trading volumes’ of the Canadian capital market. At the same time, attaining better access to the potential North American capital markets. Therefore, it is looking for a listing in the Toronto Stock Exchange.

The preliminary prospectus details the company’s historical financial statements which are compliant with the continuous disclosure requirements of the TSX Venture Exchange. Till the time of the filing, the company did not have any of its securities listed/quoted on a Canadian exchange. It also had not applied to list/quote any of its securities.

Bitfarms is not the only crypto mining firm looking for an IPO. Earlier, Argo Mining became the first crypto mining firm to be listed on the London Stock Exchange. Bitmain had also submitted a preliminary prospectus to the Hong Kong Stock Exchange in a bid to launch an IPO. Meanwhile, Amsterdam-based Bitfury has also intensified its efforts to float the first cryptocurrency IPO in Europe.

Of late, the ICO industry seems to be experiencing a downward trend with many firms opting for an IPO rather than an ICO.

Bitfarms Ltd

Bitfarms Ltd owns and operates blockchain farms that power the modern digital ecosystem. The company’s farms offer computing power to cryptocurrency networks such as bitcoin, ethereum, litecoin, and dash. Bitfarms ensures effective exchanges by securing and processing transactions 24/7.

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