Major Bitcoin Mining Firm Gets Conditional Approval for Listing on Toronto Stock Exchange

Rick Delafont

Last Updated: June 11, 2024 1:25 pm

2 mins read

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Hut 8 Mining Corp. has been conditionally approved to be listed on the Toronto Stock Exchange (TSX). The major Bitcoin mining company is the first company to be listed to the trading venue via the Toronto Stock Exchange Sandbox.

The TSX Sandbox is designed to help companies get listed on the exchange, even when they might not meet all the necessary requirements and guidelines. If Hut 8 can prove itself compliant for 12 months, it will be listed on the TSX proper.

Bitcoin Mining Firm Hitting the Toronto Stock Exchange

The major Canadian Bitcoin mining firm Hut 8 Corp. is an exclusive North American partner with the mining hardware giant, Bitfury Group Limited. The company has two sites in Alberta, Canada, where it operates Bitcoin mining equipment capable of contributing 963 PH/s to the Bitcoin network. The firm operates 94 of the new, high-powered BlockBox AC mining units from Bitfury.

The company announced today via a blog post that it will be the first blockchain- or cryptocurrency-focused company listed on the Toronto Stock Exchange. It will also be the first firm to use the TSX Sandbox initiative.

The TSX Sandbox has been designed to allow companies that might not satisfy all the traditional requirements for a TSX listing but, for whatever reason, still warrant inclusion on the exchange. Whilst on the programme, shares in Hut 8 will be traded in much the same way as the shares in any other TSX listing would be. If Hut 8 completes a 12 month probationary period with no major compliance issues on the Sandbox, it will graduate to a full TSX listing. Should a compliance issue arise, the 12 month period will reset.

Also, as part of the listing process, Hut 8 is required to identify the following risk factors that might influence the price of its shares:

The value of Hut 8 shares is directly linked to the price of the Bitcoin held by the company. Volatility in the Bitcoin market can therefore impact the price of shares.
The company is in an early stage of development and therefore has a limited history of operations.

The shares in the Canadian Bitcoin mining operation will be listed under the ticker “HUT” on the TSX Venture Exchange, and as “HUTMF” on the OTXQX Exchange.

So far in 2019, the total amount of computing power mining the Bitcoin network has frequently risen to new all-time highs. New hardware from various mining giants, including BitFury’s own BlockBox AC, capable of producing many more hashes per second than the last generation of hardware, is likely responsible for a lot of the sudden increase.

Featured Image from Shutterstock.

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.