Bitmain's IPO filing is about to expire

25 Mar, 2019
by David Robb
Mining
Bitmain's IPO filing is about to expire

Twitter user @DoveyWann recently spotted some significant news related to Bitmain. The Chinese crypto mining firm's Initial Public Offering (IPO) filing is due to officially expire later today (25/03/2019), officially signalling the failure of its first effort to go public.

Bitmain first filed for the IPO six months ago, still riding high in the wake of the astronomical profits that the company had previously made, as the mining industry leader at the time of 2017's historic bull run. Since then, a number of major investors have pulled out, claiming that they were misled by the company. Bitmain has been beset by various issues, and some have speculated that it may now be insolvent.

Read more: Twitter theorizes Bitmain is insolvent, desperate to stay afloat; Chinese mining giant Bitmain gives up on Norway

Lost revenue due to plummeting prices in the crypto market was compounded by the company's leadership unwisely investing a large amount of its profits into Bitcoin Cash (BCH), as well as losing its edge in terms of the quality of its mining rigs. Bitmain's co-founder, former CEO, and figurehead, Jihan Wu, now appears to have lost a significant amount of his previous influence.

An IPO filing has six months from submission to move on to its next stage, the hearing, and this now appears to have passed. While few suspected that the IPO would ever be successful, this official confirmation is a notable development in the ongoing bear market and saga of Bitmain. The company was hoping to be floated on the Tokyo Stock Exchange, but Bitmain may still have a chance to go public with a further filing on the NASDAQ.

Read more: If I'm not a Bitcoin whale, then what am I?

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