BitFury which claims to pushing the boundaries of science and technology, may soon get enlisted in the biggest stock exchange of the world i.e. New York Stock Exchange. The statement regarding this came on Friday when the mining manufacturer announced that they had secured over $20 million in Series A financing to act big in the next couple of months.
A lot of its $20 million came from the investors like Binary Financial, Crypto Currency Partners, Georgian Co-Investment Fund (GCF), Queensbridge Venture Partners, and ZAD Investment Company. According to the people who have been observing the company it has had one of the highest revenue streams in the industry.
BitFury receives a lot of returns from its ASIC mining chips wherein it occupies more than 40% of the entire Bitcoin mining ecosystem. Currently, the company hosts some of the largest mining operations in the world e.g. Finland, Georgia and Iceland. The plan is to expand the operations and reach to new people and regions.
The collection of $20 million in Series A funding is aimed to not just expand the reach but also to catch the attention of any up-and-coming startups as well as investors. Its competition is with BitPay, who holds the record in the industry for securing a whopping $30 million in Series A financing.
Wants to Be the First Bitcoin Company to Be Trading in NYSE
A source from BitFury believes that the success of this funding round wherein it got $20 million validates the strategy and brings all closer to the company’s aspiration of becoming the world’s first publicly listed Bitcoin Company. If it is enlisted to NYSE, it will be the first Bitcoin Company that would be trading publically in large stock exchange.
The dominant position in the Bitcoin industry wherein its equipment and technology are popular among numerous Bitcoin mining startups make it even more popular than others. Therefore, the company expects that its venture into stock market will see tremendous success and the stocks will go higher on expectations that it will get better returns for investors.
In the announcement, BitFury’s Chief Executive Officer Valery Vavilov said that the success of this funding round validates strategy and brings the company closer to the aspiration of becoming the world’s first publicly listed Bitcoin Company. It looks; it will indeed become the first ever major publicly traded Bitcoin Company in NYSE.