TORONTO -- Canadian bitcoin miner Hut 8 says it will be the first cryptocurrency-focused company listed on the Toronto Stock Exchange thanks to a new initiative launched by the exchange.
The TSX Sandbox program announced in April allows for some exemptions to listing requirements so that more novel or exceptional companies may gain access to the exchange.
Hut 8 CEO Andrew Kiguel says the company has met all the key requirements of a main board listing except raising money through a public prospectus, though it has raised over $100 million through private placements and debt.
The company, which is already listed on the TSX Venture Exchange, operates data centres in Alberta that earn bitcoin through verifying bitcoin transactions by crunching complex equations.
The value of the company has fluctuated along with the price of bitcoin. Hut 8 listed at $5 in March last year when bitcoin was trading at over US$10,000 and saw its shares dip to as low as 76 cents a year later when bitcoin was trading at about US$3,700.
Kiguel says the listing on the Toronto Stock Exchange will allow the company, which is trading at around $2 a share, to attract a wider investor base including institutional investors. Hut 8 will begin trading on the Toronto Stock Exchange on Oct. 8.