Canadian Bitcoin Miner Bitfarms Approved to List on Nasdaq Global Market

Canadian bitcoin miner Bitfarms has been approved to list on the Nasdaq Global Market under the ticker symbol BITF.

The Nasdaq stock market is currently divided into three tiers, each with different capital and financial requirements. The one that requires greater financials and greater cash flow is the Nasdaq Global Select, followed by the Nasdaq Global Market and the Nasdaq Capital Market.

Nasdaq Global Market has four sets of initial listing standards, with the listing threshold between the Global Select Market and the Capital Market to attract medium-sized companies. Other crypto mining companies currently listed on Nasdaq include Hut8, Riot, Marathon Digital Holdings, etc.

Founded in 2017, Bitfarms is a Bitcoin mining company that provides on-site technical maintenance, proprietary data analysis, and electrical engineering and installation services through a vertically integrated mining operation. It began trading on the TSX-V (Toronto Stock Exchange Venture Exchange) in July 2019.

Bitfarms has a diversified production platform and five industrial-scale facilities in Quebec. Each facility is 100% powered by environmentally friendly hydroelectricity and has signed long-term electricity contracts. The company claims that Bitfarms is currently the only publicly traded pure mining company audited by the Big Four auditing firms.

Once Bitfarmers’ shares are electronically settled, the final step in the listing process, they will be available for trading.

Bitfarms's listing is a sign of growing legitimacy for the bitcoin mining industry and bitcoin itself.

Emiliano Grodzki, CEO of Bitfarms, said: “Approval to list on the Nasdaq Global Market is an incredible achievement for Bitfarms and the culmination of many years of work and dedication. Over the past four years, we have successfully built and operated one of the largest Bitcoin mining operations in the world, and we will be listed on one of the world’s most prestigious exchanges and significantly expand our company’s market reach. We are very proud to have reached this important milestone for the Company and our shareholders. I would like to thank the team at Bitfarms and all our advisors and professionals for their tireless efforts in making this possible.”

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Author: Amy Liu

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