Formerly known as Bitcoin Mining, Bitfarms has opted for traditional listing in Canada as a previous listing in Israel bears fruit. According to a news release, the Canadian-Israeli firm announced plans to list on the Ontario Securities Commission (OSC).

As per the release, the company seeks to list on the (OSC) as Bitfarms Canada. Further, the firm acknowledges that Canada has one of the most vibrant securities markets. In addition, the environment is quite crypto-friendly both in terms of investor appetite and regulations.

Bitfarms opts for traditional listing in Canada to exploit the vibrant market

The prospectus for the initial public offering notes that Canada is home to “more than 10 public blockchain infrastructure and cryptocurrency mining companies.” Further, there is a higher visibility for blockchain-related firms in the Canadian market.

“Canada is viewed as a global leader in blockchain and cryptocurrency technology; and the proposed transaction could result in a reduction of administrative and professional fees related to operating and reporting in different jurisdictions,” the prospectus reads.

For these reasons, Bitfarms Canada seeks to go public in Ontario to exploit the attendant benefits.

Bitfarms has a liking for traditional listings which are less confrontational with regulators. In an operational update early this month, Bitfarms reminded its American Depository Receipt (ADR) holders to surrender ADRs for delivery of ordinary common shares of Bitfarms.

Large Investment Tax Holiday program

The firm, then known as Bitfarm Technologies Ltd launched a program to exchange shares for ADR. This is a traditional means of raising capital in financial markets.

As Bitfarms opts for a traditional listing, it makes for an interesting case for a company that supports disruptive innovations. Blockchain is an innovation whose central principle is to change the way financial markets operate.

However, it is not surprising that Bitfarms chose Canada for their next listing after previously listing in Israel.

Earlier this month, Pierre-Luc Quimper, founder of Bitfarms in Quebec spoke to Bitrates about the emerging blockchain dominance of Canada. In the interview Quimper notes that Quebec has mechanisms in place that encourage blockchain businesses to flourish.

Particularly, he cites the Large Investment Tax Holiday program which extends tax rebates to firms undertaking huge blockchain-related projects.