$5 Billion in Europe's First Major Crypto IPO

Following news of Bitmain and Canaan IPO filings in Hong Kong, Europe looks set to record its own first major crypto IPO, as blockchain infrastructure provider Bitfury is reportedly considering plans to list publicly in London, Amsterdam or Hong Kong.

Bloomberg reported on Oct. 25, that the company is looking to get a valuation between $3 billion and $5 billion.

Quoting an unnamed source familiar with the matter, Bloomberg reported that Bitfury's range of strategic options which the company is currently considering includes a public listing in one of London, Amsterdam or Hong Kong, To this end, the company has already sounded out a number of global investment banks as it looks to potentially wrap up the listing as soon as next year.

If the proposed IPO does not take place, the other options available to Bitfury include debt financing or minority stake selloffs, but no concrete decision has been made either way.

If it does decide to go through with the IPO within the next two years according to Bloomberg sources, it could seek to be valued at between $3 billion and $5 billion, depending on dynamic market and industry conditions.

Some analysts see this figure as decidedly optimistic, especially given that much larger companies operating in the crypto mining equipment manufacturing space with revenues several times that of Bitfury are seeking similar IPO valuations.

Some have criticized the timing of such IPOs, coming at a time when sales of crypto mining gear have fallen so dramatically that some makers have exited the market altogether.

Founded in 2011, Bitfury controls a fraction of the global crypto mining gear market, which is dominated extensively by Bitmain and its flagship Antminer series.

The main competitive advantage established by Bitfury in recent times is the invention of a framework for cooling computers by immersing them in a non-conductive fluid, which potentially lowers cooling costs for data centers exponentially, and makes it possible to pack more hardware into smaller spaces, increasing productivity and efficiency of coin mining operations.

Apart from mining crypto and manufacturing mining equipment, Bitfury also makes computer chips for a range of purposes and also develops software for companies and governments covering asset movements on Blockchains.