German bitcoin mining company, Northern Bitcoin AG, has migrated to a section of the Munich Stock Exchange that caters for medium-sized enterprises. The M:Access is regarded as a key market for companies seeking to improve transparency, accountability and to gain wider access to new money. Since April 2015, the company has been listed on the over-the-counter market of the Munich exchange, which is a rung below its current listing.
Northern Bitcoin Ag New Listing Opens Access to Capital Markets
German bitcoin miner, Northern Bitcoin AG (MUN:NB2), has listed its shares on M:Access, a junior market on the Munich Stock Exchange (MSE). The Frankfurt-based company first went public in April 2015, joining the least of the MSE three-tier system – over-the-counter market. The main platform is the ‘regulated market.’
Mathis Schultz, chief executive officer of Northern Bitcoin AG, said listing on Munich’s mid-tier market would give the company, a cryptocurrency software and hardware developer, wider access to capital markets.
“Our business is very dynamic. We are developing synchronously with the globally strongly growing Bitcoin blockchain and its first and largest application, the bitcoin,” he said, in a statement.
“As Northern Bitcoin AG develops its business very fast, it simultaneously has to serve the growing needs of the investors. Northern Bitcoin fulfills the higher obligations arising from admission to the M:Access segment of the Munich Stock Exchange and thus our results and perspectives become more transparent to investors. So, M:Access increases the visibility of our company in the capital market,” Mathis Schultz explained.
M:Access is a segment of the MSE open market that ensures a degree of transparency through special admission and follow-up obligations, which are closely aligned with the main regulated market.
‘Mining Powered by Renewable Energy’
Munich Stock Exchange managing director Marc Feiler said listing of the $157.76 million valued Northern Bitcoin AG was testament to the growing cryptocurrency industry.
“With Northern Bitcoin, we have gained an innovative, young company in a very interesting and highly regarded market for M:Access. This shows us that we offer an unbureaucratic and flexible stock exchange in Munich that attracts companies across all industries,” Dr Feiler said.
Northern Bitcoin AG, formerly Biosilu Healthcare AG, runs its mining rig from Norway, which the company claims is 100% powered by renewable energy from hydro and wind. The network is designed to allow its users to contribute to the mining of bitcoin, with the rewards split among the contributors.
The miner reported $1.72 million net loss for the half year to June 2018. Over the past 52 weeks, shares of Northern Bitcoin AG have reached a high of $58 and a low of $1. At press time, the stock was up 5.1% at $21.34.
What do you think about Northern Bitcoin’s business model, which aims to run bitcoin mining completely on renewable energy? Let us know in the comments section below.
Images courtesy of Shutterstock
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