Bitmain Technologies Purportedly Files for US IPO in Secret

Digital currency miner producing tycoon Bitmain Technologies is said to have discreetly filed an initial public offering (IPO) application in the U.S. with the Securities and Exchange Commission (SEC).

Tencent News announced the news on October 30, stating that the sponsor for Bitmain’s IPO application is German multinational Deutsche Bank. The report didn’t specify the sum Bitmain is hoping to raise through the U.S. initial public offering. In any case, as indicated by a report by Bloomberg in June, Bitmain was hoping to raise generally $300-500 million in the U.S. offering.

The figure is definitely down from its past focus of raising up to $3 billion when Bitmain had filed an IPO application to be listed on the Hong Kong Stock Exchange (HKEX). However, that application, in the long run, lapsed in March.

As indicated by the Tencent report, Bitmain has now likewise contracted Zheng Hua, former Nasdaq China representative, as a consultant to the firm, to build the likelihood of its listing on a U.S. stock exchange.

On October 29, Bitmain experienced a corporate restructuring activity, and its co-founder and executive director Micree Ketuan Zhan was expelled suddenly. Jihan Wu, another co-founder of Bitmain, has now assumed control over Zhan’s duties.

Bitmain rival Canaan Creative likewise publicly filed for a U.S. initial public offering earlier this week, expecting to raise $400 million.