(BlockBar) According to the Bitmain article, which Bloomberg just published, the company intends to launch a new round of IPO, partly because of the surge in the cryptocurrency market over the past two months.
Bitmain Technologies Ltd., the largest maker of specialized hardware and integrated circuits for bitcoin and other cryptocurrencies, is hoping to use the digital currency’s rise to revive its IPO, stated by Bloomberg. In fact, the company is working with financial advisers to prepare for an initial public offering in the United States. Bitmain aims to provide all the necessary documents to the Securities and Exchange Commission as early as next month according to some sources.
Bitmain was valued at about $15bn after a private fundraising round last year. However, that target could be significantly reduced. It’s rumored that the company plan to raise $500m by selling shares on America soil, compared to Bitmain’s last IPO, which aimed at raising about $3 billion. In this case, it is hard to estimate the company’s target. But Bitmain is likely to take advantage of bitcoin’s recent growth, which in just a few hours pushed the value of the currency close to $10,000.
Last year, on September 26, 2018, Chinese mining giant Bitmain filed for an initial public offering on the Hong Kong stock exchange. However, the request was never granted and expired six months later, leading to the collapse of the idea of an IPO. The Hong Kong stock exchange didn’t make public comments on Bitmain’s IPO filing, partly because the stock exchange wasn’t confident in the Bitcoin mining industry, for the risks can’t be shown up within one or two years. Furthermore, HK exchange didn’t want to be the first one to approve this kind of application.
Currently there is no official announcements from Bitmain, we will pay closely attention to where is the project going to.
Weekend is the most representative female writer in the blockchain industry. She is known for her keen news capture ability and is good at English writing of blockchain news in the Chinese region.