The Hut 8 Mining Corp. operation in Medicine Hat. - CHAT News file photo

By Charles Lefebvre

TSX Listing

Hut 8 receives conditional approval to be listed on Toronto Stock Exchange

Sep 25, 2019 | 2:38 PM

MEDICINE HAT, AB — Hut 8 is preparing to become the first cryptocurrency company to be listed on the Toronto Stock Exchange (TSX).

The bitcoin mining company, which operates mining centres in Medicine Hat and Drumheller, announced on Tuesday they have been conditionally approved to be listed on the exchange, through the TSX Sandbox Program.

Hut 8 CEO Andrew Kiguel says it was important for the company to eventually graduate to the TSX, owing to its size (fourth-largest stock exchange in North America, ninth largest in the world).

“We’re really happy to be the first ones listed,” he said over the phone from Toronto. “It’s a significant achievement.”

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Currently, the company is being traded on the TSX Venture Exchange, an exchange for emerging companies, or companies too small to be listed on the main TSX to be traded. Kiguel says Hut 8 is using the TSX Sandbox program to be listed on the main exchange, noting that being a cryptocurrency company, they may not meet the exact criteria for a listing.

“That program allows for, what I would say, is a more customized set of rules for companies that are good companies and should be listed on the TSX, to provide for them to do so,” he said.

In order to be listed, Hut 8 will have to appoint a new corporate secretary position, which he expects to fill in the next few weeks. The goal is to be listed by the end of October.

According to a release from the company, Hut 8 also had to disclose two risk factors for the listing.

Kiguel says being listed on the TSX could have benefits for his company.

“There are much bigger requirements on the TSX for disclosure, so there will be more information, more disclosure, more transparency provided to investors, although I think we’ve met most of those qualifications already,” he said. “And then hopefully, it will bring a bunch of new investors to the table, which will help with out liquidity and our share price.”

Hut 8 finished the trading day at $2.14 per share on the TSX Venture Exchange.