Cryptocurrency News

Hut 8 Becomes First Crypto Firm to be Listed on Toronto Stock Exchange

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Hut 8 is a popular Bitcoin miner in Canada. According to the recent news, Hut 8 has become the first cryptocurrency company to be listed on the Toronto Stock Exchange (TSX).

In April, a sandbox program of TSX helps other companies to access the exchange by excluding some requirements from the listing requirements.

The chief executive of Hut 8, Andrew Kiguel, said that their company would be the first company that will go through the sandbox program. After the TSX venture, they will start trading on the Stock Exchange of Toronto on October 8, 2019. He continued that they are happy and proud to be the first approved crypto-blockchain company for the Sandbox project and first on the list of Toronto Stock Exchange.

Kiguel said that Hut 8 is satisfying all the listed requirements of the board except one thing, i.e., raising funds from the public prospectus. He knows that the company has already raised funds of $140 million via private placements and debt.

The company operates a few data centers in Alberta. These centers earn Bitcoin by sophisticated methods that verify the transaction and secure the system. According to Andrew, the name of the company on the leading exchange will help their company to attract many investors worldwide.

He continued that being listed will widen the platform for the audience of investors. There are many intuitions and people that are not comfortable investing in the TSX Venture Exchange. The company’s value is inconsistent, as the Bitcoin price.

Last year, Hut 8 traded at $5, but after share dip, it became 76 cents low. In 2017, there was a drop in the price of Bitcoin, which led to the depreciation of the company. After that, the company responded by negotiating the contracts again, removing the staff members and cut down all the other costs.

On June 30, the Bitcoin prices reconstruct after Facebook’s initiative in cryptocurrency. There was a profit of $34.3 million for the quarter year. Now, Hut 8 trades with $2 per share.

According to the Kiguel, Bitcoin is still struggling as a daily currency. He is expecting evolution when Bitcoin leads not just for institutional, traditional firms but also, for financial firms.

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