Bitfarms gains approval to list on Nasdaq

Canada-based Bitfarms Ltd. (TSXV: BITF) announced earlier this month that its application to list its common stock on the Nasdaq Stock Market was approved.

The last remaining requirement prior to listing and trading on the Nasdaq is to confirm Bitfarms’ common shares are eligible for electronic clearing and settlement through the Depository Trust Company (DTC). The process to confirm DTC eligibility is moving forward expeditiously.

— Bitfarms (@Bitfarms_io) May 7, 2021

The block reward miner will list on the Nasdaq under the symbol “BITF.” In its press release, Bitfarms said it’s the first block reward miner to trade on the Nasdaq Global Market tier, which is reserved for companies who fulfill a higher level of financial liquidity and other requirements.

Nasdaq’s market has three tiers that each feature different levels of capital and financial requirements. Other block rewards miners trade on the lower tier Nasdaq Capital Market.

Nasdaq officials have yet to publicly confirm the date of the listing though Bitffarms said that it was moving “expeditiously” to confirm their common shares are eligible for electronic clearing and settlement through the Depository Trust Company (DTC).

Officials at Bitfarms said, “As we learn more about the timing for the approval, we intend to provide a further update to the market. When approval has been obtained, we will announce the first date ‘BITF’ will begin trading on Nasdaq,”

Bitfarms CEO Emiliano Grodzki said, “The approval for listing on The Nasdaq Global Market is an incredible achievement for Bitfarms and is the fruition of multiple years of work and dedication.”

“We are very proud to have reached this important milestone for the Company and our shareholders. I would like to thank the team at Bitfarms, and all our advisers and professionals whose tireless efforts made this possible,” Grodzki added.

Bitfarms will retain its listing on the Toronto Stock Exchange, where it also uses the “BITF” ticker symbol. The ticker used for Bitfarms’ securities traded over-the-counter (OTC) under the current symbol “BFARF” will transfer to the new ticker symbol “BITF” on the first day of trading on Nasdaq.

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