Andrew Kiguel, Chief Executive Officer, Hut 8 Mining Corp. (HUT), joined Chris Birkett, Director, Toronto Stock Exchange, to open the market. - Photo courtesy TMX Group

By Charles Lefebvre

alberta ties

Hut 8 Mining opens Toronto Stock Exchange

Oct 8, 2019 | 3:00 PM

TORONTO, ON. — Hut 8 Mining (TSX: HUT) is celebrating a historic day on the Toronto Stock Exchange.

The bitcoin mining company, which has operations in Medicine Hat and Drumheller, officially opened the Toronto Stock Exchange’s trading day Tuesday morning. It was also the first day of trading for Hut 8 on the senior stock exchange, having graduated from the TSX Venture list.

“The hard work and goals never stop,” said CEO Andrew Kiguel. “We’re already been starting to secure the next phase of the company, but certainly this is a significant milestone.”

Kiguel says being traded on the main Toronto Stock Exchange, rather than the TSX Venture, opens the company up to potential new investment as well.

“There’s a lot of institutions and funds out there that are not permitted to invest on the TSX Venture Exchange, but they are only on the senior exchange,” he said. “Our audience for investors has grown significantly. We hope between all of that, it will provide greater liquidity for the company, and potentially better opportunities for financing in the future, if we needed it.”

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Hut 8 is the first ever cryptocurrency company to be traded on the Toronto Stock Exchange, which Kiguel says is an important moment for the cryptocurrency industry.

“What’s been happening over the last couple of years is that it continues to move mainstream, and is picked up by more mainstream media and politicians talking about it,” he said. “You have firms like Fidelity, Goldman Sachs, Facebook trying to get into the sector. This is just another small step in legitimacy and bringing it into the mainstream.”

(CHAT News Today)