Altcoin News: Bitmain May Try to Raise up to $500 Million via IPO in the USA

June 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The world’s largest manufacturer of mining equipment for cryptocurrency Bitmain Technologies Ltd. revives the plan for the initial public offering (IPO) amid rising Bitcoin prices, Bloomberg reports this Friday with reference to sources familiar with the situation.

According to them, the Chinese company is working with consultants to prepare for the sale of its shares in the United States, which may take place in the second half of this year. Bitmain intends to file listing-related documents with the US Securities and Exchange Commission (SEC) next month, sources said on condition of anonymity.

Bitmain was valued at $15 billion during the closed round of raising funds last year, Bloomberg writes. One of the sources also said that the company could lower the previously planned level of investment collection and focus on the amount of $300–500 million.

Last year, Bitmain tried to hold an IPO on the Hong Kong Stock Exchange, with which it hoped to raise up to $3 billion, but its application never received the necessary approval.

Canaan Inc. rival company is also considering listing in the USA after a bad experience in Hong Kong. The application of another Chinese manufacturer of miners — Ebang International Holdings Inc. — this week is no longer valid.

According to a source, Bitmain’s US IPO plan is at an early stage and its details are subject to change. A company representative did not comment on the situation.

Author: Marko Vidrih