- Bitmain is considering going public in the U.S.
- The company could register with the U.S. SEC by the end of the month
- Bitmain previously failed to launch an IPO with the Hong Kong Stock Exchange
According to a Bloomberg article published June 21, 2019, bitcoin (BTC) mining equipment manufacturer Bitmain is looking to launch its initial public offering (IPO) once again. This time, the Chinese mining giant is looking to go public in the U.S.
The Second time the Charm?
The world’s largest and perhaps the most well-known cryptocurrency mining equipment manufacturer, Bitmain is mulling going public once again. People in the know told Bloomberg that in wake of the recent boom in the price of digital currencies, Bitmain is again contemplating launching its once lapsed IPO. Bitmain is working with advisers on preparations for a U.S. share sale that could take place as soon as the second half of 2019, the sources said.
People privy to the matter added that the Chinese firm could file listing documents with the U.S. Securities and Exchange Commission (SEC) as soon as next month.
Bitmain, which at one point of time was valued at about $15 billion in a private funding round in 2018 is now looking to thin down its earlier fundraising target. According to the sources, Bitmain is looking to raise funds in the range of $300 million to $500 million from the U.S. IPO.
It’s worth highlighting that this is not the first time that Bitmain is considering going public.
As previously reported by Blockchain Reporter on March 28, 2019, Bitmain had failed to go ahead with its proposed IPO with the Honk Kong Stock Exchange. At the time, the company said that it would reapply for an IPO at a later date in the future while many crypto enthusiasts were left pondering over the possible reasons that forced Bitmain to backtrack on its IPO ambitions.
While Bitmain did not pinpoint any specific reason for its failed IPO attempt, the company has been subject to numerous internal turmoil in recent times.
Later, on December 31, 2019, Blockchain Reporter informed that Bitmain CEO Jihan Wu was to resign from his position due to internal management conflicts.