Canadian cryptocurrency Bitcoin (BTC) and mining company Bitfarms announced on the 7th that the application for listing on the NASDAQ Global Market was permitted. This is the first case of a mining company listing on the NASDAQ global market. Coinpost reported this on the 10th.
NASDAQ listed market: ① Global select market ② Global market ③ Capital market (listing standards are strict in the previous order)
The timing of listing on the NASDAQ has not yet been set, but the final requirement for BitPalms to be listed is to ensure that the company’s stock can respond to DTC’s electronic settlement and liquidation, the report said.
DTC (Depository Trust Company) is a DTCC affiliated company, one of the world’s largest deposit trust companies. The listing process is proceeding smoothly, and the ticker on the NASDAQ will be “BITF”.
Bit Farms is a Canadian mining company founded in 2017. Already listed on the Toronto Stock Exchange (TSX), it announced the acquisition of 48,000 MicroBT Miners in March. Currently, the mining processing capacity boasting 1.0EH is expected to expand to 3.0EH at the end of 21 and 8.0EH at the end of 22.
Bitfarms has been traded as a ticker for “BFARF” so far, but with the listing on NASDAQ, TSX also shifts to the ticker of BITF.
Following the approval of the NASDAQ listing, BitPalms CEO Emiliano Grodzki commented:
“The approval of listing on the NASDAQ is an incredible feat for us and the result of years of hard work and dedication. For the past four years, it has built and operated the world’s largest Bitcoin mining base. Listed as one of the most prestigious exchanges in the world, it makes sense to significantly expand our market reach.”
Bit Farms has five mining bases in the province of Quebec, Canada, and operates 100% hydroelectric power. Quebec is also known to have low temperatures in Canada, with temperatures below -20 degrees Celsius.
[Activation of Mining in North America]
Recently, bases for cryptocurrency mining have been established one after another in North America, especially in the United States.
Significant legal fees for cryptocurrency mining are also in progress in Texas and Kentucky, which have low electricity bills.
In addition, Marathon Digital Holdings is already listed on Nasdaq, but this is a listing on a market that is called “Capital Market” among the three markets provided by NASDAQ, and the strictness of listing standards is low.
Marathon is mining 196 BTC in the first quarter of 2009 alone, and in addition to ordering additional mining equipment, it has also announced the establishment of a mining pool in compliance with US regulations.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.