According to Bloomberg sources, Chinese Bitcoin mining giant, Bitmain Technologies Ltd, is looking to launch an initial public offering (IPO) in the U.S, to raise $300- $500 Million.
Bitmain Reportedly Planning U.S IPO
New 2019 price highs, renewed optimism, and other indicators show that investment in Bitcoin mining is about to be as profitable as it was prior to the 2018 bear market.
In effect, in 2017, Bitmain declared profits of between USD 3 billion and USD 4 billion. Then, the Bitcoin winter came and Bitmain went through a challenging 2018 mired in administrative upheavals, employee terminations, and severe financial losses.
Now, as the environment in the crypto industry turns brighter, the Chinese chip maker is reportedly reviving its plans for a multimillion-dollar expansion of its businesses into the United States. According to Bloomberg,
The world’s biggest producer of cryptocurrency mining chips is reviving plans for an IPO https://t.co/E9g5LQQg3Z
— Bloomberg Crypto (@crypto) June 21, 2019
[Bitmain] is working with advisers on preparations for a U.S. share sale that could take place as soon as the second half of this year, the people said. Bitmain aims to file listing documents with the U.S. Securities and Exchange Commission as soon as next month, the people said, asking not to be identified because the information is private.
The news comes only 3 months after Bitmain’s original IPO filing with the Hong Kong Stock Exchange expired after failing to pass a 6-month ‘hearing stage’, as reported by Bitcoinist at the time.
Bitmain’s hoping its business model will strike a better note with the Western market this time, and is allegedly seeking to raise between $300-500 Million – a far cry from the $3 Billion fundraising target it had for the HKEX IPO.