Rumor: Crypto mining giant Bitmain may be planning a US IPO

21 Jun, 2019 | Updated: 21 Jun, 2019
by Richard Allen
Rumor: Crypto mining giant Bitmain may be planning a US IPO

According to people close to the matter, Bitmain, the world’s largest producer of crypto mining chips, may be revisiting its plan of launching an initial public offering (IPO), Bloomberg reports.

According to Bloomberg, Bitmain is consulting with advisors over a potential US share sale that may be happening as soon as the second half of this year. Bitmain is planning to file listing documents with the Securities and Exchange Commission (SEC) in July, the sources stated.

Bitmain filed an IPO on the Hong Kong Stock Exchange (HKEX) in September last year, but with met with heavier than expected resistance and ultimately resulted in the company letting its filing lapse in March.

The sources state that Bitmain is considering lowering its earlier fundraising target to around $300 million - $400 million in the US share sale, though it has yet to officially decide on a price. During the attempted Hong Kong IPO, Bitmain had hoped to raise $3 billion.

The sources further state that Bitmain’s IPO plans are still in the early stages, and details of the offering may change. Bloomberg reached out to Bitmain for any comments but a representative declined.

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Read more about: Bloomberg Bitmain


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