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Bitmain Technologies Ltd. is currently the largest manufacturer of cryptocurrency mining chips in the world and it previous had plans for an IPO but then put it on hold. Now, there are reports that it is reviving those plans and is seeking to proceed with a public offer due to bitcoin’s value rising again. The launch could occur as soon as the latter half of 2019, with Bitmain supposedly filing the necessary documents with the U.S. Securities and Exchange Commission in a few weeks.
Back in September 2018, Bitmain wanted to launch an IPO in the Hong Kong Stock Exchange (HKEX), Coindesk reports, but it came up against a few obstacles. This ultimately led to its filing becoming invalid after March. This time, it is being reported that the manufacturer wants to go with the US Stock Exchange and is already consulting with expert advisers to help it with the process.
This information is coming from sources from inside the company who spoke with Bloomberg but refused to be identified. As for the company itself, a private funding round placed the value of Bitmain at $15 billion, but it is supposedly planning on raising only up to $500 million from the IPO. This is a drastically reduced price compared to what it was targeting with its HKEX IPO of $3 billion.
The sources told the publication that this was due to the volatility of the crypto market, which is one of the reasons brought up as to why Bitmain’s IPO was rebuffed in Hong Kong. Regulators reportedly believed that the crypto industry and the companies emerging from it are still too immature. However, this was never publically confirmed.
With bitcoin’s value looking to surpass $10,000 soon – it is currently valued at $9,890 as of writing – Bitmain is expected to capitalize on the increased interest in the cryptocurrency. This time, however, it is adopting a more cautious approach.
