• Bitmain has broken their silence following the expiry of their Hong Kong Stock Exchange IPO Filing
• They have stated that they will relaunch their application in the future

The crypto market slump had far-reaching effects on the industry at large. Some companies were forced to close shop entirely while some have laid off staff. Either way, the crypto winter has hit everyone in some way. One company that has been affected is Bitmain. This week their application for an IPO with the Hong Kong stock exchange expired without the firm having their meeting with the committee. When the news first broke, many pointed to the decline in revenue due to the price crash as one of the reasons for this.

Now, the company has stated that they have postponed their IPO application to a later date.

Goodbye For Now

Bitmain is a giant in the crypto market and is said to control over 70 percent of the mining equipment market and as such, had high hopes and a valuation of over $1 Billion when they began their process of gaining IPO approval. Despite their current disappointment, they have made it clear on their website that this is not the end.

“We will restart the listing application work at an appropriate time in the future.”

The crypto winter has lasted for some months now and while crypto users and analysts are looking forward to the next bull run, it has given everyone an opportunity to examine just how dependent the industry is on the current price of crypto and the need to diversify.

Since then, there has been even more focus on gaining institutional support and pushing for better laws, without which the Industry cannot grow. This was also the opinion supported by Bitmain in their latest website post:

“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry.”

Since Bitmain has broken their silence and states that they will be launching their IPO application soon, all that is left is to wait out the winter until a more favorable situation presents itself.