Canada Computational Unlimited Inc. has been conditionally approved for trading on the TSX Venture Exchange in Toronto under the stock symbol “SATO.”
CCU.ai, as the company calls itself, operates a high-grade, carbon-neutral Bitcoin mining centre, according to a statement. It recently gained the backing of True Global Ventures 4 Plus, a blockchain-equity fund that just closed a US$100 million raise.
“CCU.ai presents investors with an opportunity to participate in a resource efficient investment and the crypto market respectively,” Romain Nouzareth, chairman and CEO of CCU.ai, said in a statement. “We are also delighted to have obtained the SATO ticker as an homage to Satoshi Nakamoto,” a reference to the mysterious inventor of Bitcoin.
The stock is expected to begin trading on or about Sept. 12, according to the statement. The approval becomes a formal arrangement at the date of listing, the company said.
The environmental impact of energy consumption from Bitcoin miners has been a concern for years, with the issue coming into further relief in recent months as billionaire Elon Musk cited it as a reason for his Tesla Inc. to stop accepting the cryptocurrency as a payment method.
TGV 4 Plus Founder Dusan Stojanovic said in an email that the fund was attracted to CCU.ai because, among other things, it’s running 100% on hydroelectricity and has numerous ways to grow, such as by developing other centres around the world.