TEL AVIV (Reuters) – Blockchain Mining Ltd (BLCM.TA) said on Tuesday it was preparing to list its stock on Nasdaq and the Toronto Stock Exchange by July after Israel’s market regulator said it might ban companies involved in cryptocurrencies from the Tel Aviv exchange. Earlier this month, the Israel Securities Authority (ISA) proposed rules to prohibit share listings by companies that mainly invest in, own or mine cryptocurrencies.
They would also not be allowed in the exchange’s indexes, and if they were already listed on the exchange they would be delisted. The proposals followed a sharp rise in shares of Blockchain Mining, which late in 2017 said it would shift its focus from mining for gold and iron to mining cryptocurrencies.
Since then, its shares have soared nearly 5,000 percent. Blockchain Mining’s CEO and controlling shareholder Roy Sebag said it would list shares and advanced depositary receipts (ADRs) on one or both exchanges once an audit of its finances was complete, which he expected by the end of June.
“We like the idea of being on both,” Sebag told Reuters after a news conference. “We may end up deciding to be on one North American exchange.” “Right now, we are in survival mode.
We have been attacked by the regulator. So we are saying, ‘we are going to fight you on this rule but we are going to list on two exchanges as well so if your rule goes through we are still listed on them.’” The proposed ban would not apply to companies with equity of more than 100 million shekels ($29 million) and with three years of audited financial statements. Read more from reuters.com…
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