Based in both San Francisco and Amsterdam, BitFury’s bread and butter is the Bitcoin mining hardware it designs, particularly specialized chips known as ASICs (Application Specific Integrated Circuits). A first-round startup seems an unlikely candidate to be the first Bitcoin IPO and publicly traded Bitcoin stock on a major exchange. As audacious as BitFury’s top management sounds, they have a solid chance at making good on their vow to become the first Bitcoin stock.
As for its business prospects, BitFury has established a strong reputation in the Bitcoin mining community for having some of the most powerful ASICs available – making the company a dominant player in the market.
Georgian Co-Investment Fund CEO George Bachiashvili told CoinDesk that his fund did its due diligence before deciding to back BitFury and believes the company will be among the Bitcoin winners, if not the first Bitcoin stock. And if BitFury does launch a public offering just as Bitcoin is going mainstream, it could easily generate an IPO frenzy on the scale of Facebook Inc.
UP NEXT: While we have to wait until next year for a bona fide Bitcoin stock, there are going to be existing companies that stand to gain from the adoption of Bitcoin over the next few years. The post The First Bitcoin Stock Could Be This Mining Company appeared first on Money Morning – Only the News You Can Profit From. Kikvadze told The Journal that the company is also looking at acquiring other Bitcoin companies, even at this early stage of its existence.
The current wave of venture capital pouring into Bitcoin companies is merely the prelude of what’s to come. And BitFury is not just looking at buying other Bitcoin chipmakers, but at those who provide Bitcoin wallets and even Bitcoin exchanges.
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