Ever since a growing number of investors have turned their attention to Bitcoin, those who know the ins-and-outs of the market are not just looking to invest in the digital currency, but also in the promising businesses springing up within the fledgling industry. One of these Bitcoin businesses is San Francisco–based BitFury, and if the Bitcoin manufacturer keeps course, the company has a great chance of becoming the world's biggest publicly traded Bitcoin Company.
First Bitcoin Stock?
You certainly can't buy Bitcoin stocks from the NYSE. But while the stock exchange market is centralized, over-the-counter markets are not. OTC markets are used for trading using dealer networks because these companies are a lot smaller. Thanks to BitFury, investors may soon have access to Bitcoin stocks up at the NYSE. For that to happen, the mining giant will have to open up its doors and go public.
The mining manufacturer recently announced that they've managed to secure series A financing worth $20 million, which boosted BitFury’s valuation to around $US 250 million. ZAD Investment, Crypto Currency Partners, Queensbridge Venture Partners, Georgian Co-Investment Fund and Binary Financial are just some of the contributing investors. BitFury achieved one of highest profit returns in the industry. The company's mining chips alone account for 40% of the whole Bitcoin mining system.
BitFury hosts leading mining operations around the world. And rumor has it that the company wants to expand to more strategic international regions. The company is also planning to open a massive Bitcoin data center in Georgia. But the company’s has its sights set on a more ambitious goal, which Chief Executive Officer, Valery Vavilov explains:
“The success of this funding round validates our strategy and brings us closer to our aspiration of becoming the world’s first publicly listed Bitcoin Company.”
While George Kikvadze, managing director of Georgian Co-Investment Fund and member of BitFury’s board of directors, took it a step further in an interview with the Wall Street journal saying that the company would like to have its IPO next year.
BitFury - a global leader
BitFury launched in 2011, and in 2013 the company’s revenue was already around $US30 million. By the end of 2014, the figure is expected to reach $US 210 million – a sevenfold increase. Meanwhile, Bitfury's Series A funding boosted company valuation to $US 250 million.
The company is a formidable force in the Bitcoin space with many other Bitcoin startups relying on the company's newest technology and equipment. This also includes MegaBigPower, a major Bitcoin mining company in the US powered solely by BitFury rigs.
BitFury manages one of the largest and most powerful Bitcoin operations in the world with datacenters in Iceland, the US and Finland. The company says that all their locations are strategically chosen and that the raised funds will soon go towards assembling new facilities, which will allow BitFury to take advantage of new opportunities in areas where the Bitcoin market is burgeoning.