Cryptocurrency mining firm Hut 8 gets approval to go public through Toronto Stock Exchange regulatory sandbox

According to Finance Magnates today, Canadian cryptocurrency mining company Hut 8 Mining Corp has been "conditionally" approved to be listed on the Toronto Stock Exchange (TSX), Canada's main stock exchange. This move marks the first time a blockchain or cryptocurrency company has been listed on a Canadian exchange through its "TSX Sandbox".

Hut 8 becomes the first company to go public through the TSX Sandbox, and the first blockchain or cryptocurrency company to list on the TSX. The move provides an alternative path for certain qualifying companies to list on the exchange.

The TSX Sandbox is a program designed to facilitate listing applications for companies that may not meet all of the requirements and guidelines of the TSX but require listing on the TSX due to facts or circumstances unique to a particular issuer.

Andrew Kiguel, CEO of Hut 8, said: “Our move to TSX, the TMX Group’s premium public market, is another important step in our efforts to provide investors with greater liquidity and enhanced public disclosure.

Hut 8 is a Canadian cryptocurrency mining and blockchain infrastructure company established through an exclusive partnership with Bitfury Group, a leading global full-service blockchain technology company. Joined OTCQX (Over-the-Counter Market) in May 2018 with the ticker: HUTMF

Hut 8 recently revealed plans to build a project to become the largest cryptocurrency mining farm in North America. The first phase will see Hut 8 acquire more than 22 Bitcoin mining data centers from BitFury Group. Subsequently, the second phase will involve a public listing on the Canadian Stock Exchange and expand Hut 8's control to 3 more data centers running 38.5 MW / 262.5 PH / s.

Given the sheer size of the Hut 8 data center, the company noted that it plans to raise $33 million Canadian dollars through a private placement of nearly 13 million shares, with the proceeds to be used to finance the mining facility.

https://hut8mining.com/