The Amsterdam-based blockchain startup could seek a valuation of $3 billion to $5 billion, sources told Bloomberg. The company is speaking with several investment banks to explore its options, including debuting on a Hong Kong exchange.
No final decisions have been made. Bitfury has been making key moves to expand its business, even as the cryptocurrency market remains sluggish.
Bitfury Rival Recently Launched IPO
Bitfury, which launched in 2011 as a bitcoin mining company and maker of crypto-mining gear, has since expanded into blockchain research. It expects to report revenue of $450 million for the last fiscal year.
Last month, Bitfury rolled out a new SHA256 application-specific integrated circuit (ASIC) chip that can achieve a hashrate of 120GH/s with a power efficiency of 55mW/GH.
Two days later, Bitfury’s much-larger rival — Bitmain Technologies — unveiled a new 7nm ASIC mining chip for the SHA256 algorithm used by bitcoin, bitcoin cash, and other virtual currencies, as CLC has reported.
With its proposed IPO, Bitfury is following in the footsteps of Bitmain — the world’s most valuable cryptocurrency company. In September 2018, Bitmain filed for an initial public offering in Hong Kong with a potential valuation of up to $3 billion.