According to Bloomberg, Hut 8 Mining Corp, a mining company that is backed by BitFury, is set to be publicly listed towards the end of this month. It will appear on TSX Venture Exchange, Toronto, Canada. Hut 8 had earlier on announced a partnership with BitFury in order to operate North America’s largest data mining centers. This listing is scheduled to take place in the form of a reverse takeover, where a company acquires an already public listed company.
The Hut 8 and BitFury partnership details showed that BitFury was to provide the hardware and software tools and also the logistical support that would propel Hut 8 North America expansion plans. Sean Clark, the BitFury leader, described Hut 8 as a proxy of BitFury in North America and also stated that the move would help in tapping into new funds that would necessitate the scaling plans.
Already two months have spent by Hut 8 in trying to raise capital and also revamp its operations in order to open its mining facilities. In December, the company offered 13.2 million shares that were in for of private placement funding round. It was seeking to raise about $33 million at that time. It was later reported by the Globe and Mail that the company finally raised $38 million. This was way above the sought funds.
By partnering with BitFury, Hut 8 will achieve its goal of getting the public listing. The listing will improve its image and make its operations swifter as well as expand in North America successfully.