Bloomberg: Bitmain May Try To Raise Up To $ 500 Million Through US IPO
The world’s largest manufacturer of cryptocurrency mining equipment Bitmain Technologies Ltd. revives its initial public offering (IPO) plan amid rising bitcoin prices, Bloomberg writes this Friday, citing 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 in a closed round of fundraising last year, Bloomberg writes. One of the sources also said that the company could lower the previously planned target for the collection of investments and focus on the amount of $ 300-500 million.
Last year, Bitmain tried to conduct an IPO on the Hong Kong Stock Exchange, with which it hoped to raise up to $ 3 billion, but its application did not receive the necessary approval..
Rival company Canaan Inc. is also considering a US listing following a bad experience in Hong Kong. Another Chinese miner manufacturer, Ebang International Holdings Inc. – expired this week.
Bitmain’s US IPO plan is in its early stages and details are subject to change, the source added. The company representative did not comment on the situation.
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