Canadian cryptocurrency mining firm Bitfarms Ltd (TSXV:BITF) is all set to begin trading on US-based Nasdaq stock exchange, starting Monday, June 21.
The crypto stock is already listed on the Toronto Stock Exchange Venture (TSXV), and will be debuting on Nasdaq under the same ticker symbol of ‘BITF’.
Bitfarms said on Thursday, June 17, that it has obtained Depository Trust Company (DTC) eligibility for its common shares in regard to its Nasdaq listing, which basically means that its shares can be deposited through the depository.
Bitfarms CEO Emiliano Grodzki noted the Nasdaq listing as an “important achievement” for the company.
Mr Grodzki also pointed that following its launch on the Nasdaq, the Toronto-headquartered firm will become the biggest publicly traded bitcoin miner in North America that is almost fully powered by renewable energy.
Bitfarms saw New York-based investment bank HC Wainwright & Co as its advisor and law firm Katten Muchin Rosenman LLP as its American legal counsel in the listing process.
Amid rising concerns of crypto miners’ reliance on fossil fuel-powered energy, Bitfarms’ usage of more than 99 per cent hydroelectric power can work in its benefit among investors.
Copyright © 2021 Kalkine Media
The newest listing also puts this Canadian crypto miner in the small pool of bitcoin mining enterprises that trade on the Nasdaq, comprising Marathon Digital Holdings (NASDAQ:MARA) and Riot Blockchain (NASDAQ:RIOT).
Let’s find out how Bitfarms has been performing on the TSXV so far.
Bitfarms Ltd’s (TSXV:BITF) performance on TSXV
Established in 2017, this relatively new Bitcoin miner manages vertically integrated operations. It was one of the first crypto miners to begin trading on the TSXV in July 2019.
In February this year, Bitfarms got ranked on the TSXV’s ‘Rising Star’ list.
Bitfarm stocks catapulted by over 1,033 per cent in the last one year on the TSXV, while gaining more than 111 per cent this year.
Posting a six-month growth of nearly 300 per cent, Bitfarms scrips recorded a one-year high of C$ 9.34 on February 22, 2021.
The C$ 765-million market cap company presently holds a price-to-book (P/B) ratio of 4.364 and a price-to-cash flow ratio of 52.7.
Ahead of its Nasdaq debut, Bitfarms’ TSXV-listed stocks slipped about two per cent to close at C$ 5.28 on Friday, June 18.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.