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Bitmain Mining Giant Plans US IPO Seeing Bitcoin Surging to New High

  • Yuri Molchan
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    The biggest mining gear producer, Bitmain, is reported to start preparations for another IPO, this time in the US


Bitmain Mining Giant Plans US IPO Seeing Bitcoin Surging to New High
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Citing people close to the matter, Bloomberg reports that Bitmain is aiming to hold another IPO, bringing down the target for the fundraising campaign due to cryptocurrency prices turning more volatile.

Bitmain takes another go at share sale

As reported by Bloomberg, after failing to conduct an IPO on the Hong Kong exchange, mining behemoth Bitmain is taking steps towards making another public sale of shares, choosing the US this time.

Bitmain is reportedly working with consultants to prepare for conducting an IPO that could be initiated in the second half of 2019. The company is preparing to submit the necessary documents to the SEC in July, says Bloomberg’s source, who preferred to stay unnamed.

In 2018, Bitmain raised nearly $15 bln from private investors. This year the giant is aiming at a smaller investment amount, since crypto prices have become more volatile.

An estimated amount that could be raised in the course of a US IPO could be as high $300 mln to $500 mln. However, the targeted amount has not been finalized yet.

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The previous IPO attempt failed

Last year, Bitmain attempted to carry out a public offering in Hong Kong to raise $3 bln. A smaller rival, Canaan Inc, has been following the same route as Bitmain – it failed to make an IPO in Hong Kong and is now preparing to launch a public sale of shares in the US.

Even though, Hong Kong does want to attract more hi-tech companies, the local authorities are not in a rush to conduct IPOs for companies working with crypto, considering this step for them as premature, says Bloomberg.

By doing that, Hong Kong regulators are trying to protect the numerous local retail investors.

The crypto industry remains volatile

On the one hand, Bitcoin has been surging high recently, passing the mark of $9,800 on Friday, pushing up the prices of other cryptos along with it, which shows that this area is still highly volatile.

On the other hand, the crypto industry has been attracting deep interest of institutional investors and Silicon Valley, with Facebook recently announcing the coming launch of its Libra coin.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Has #XRPArmy Turned Against Ripple? Not Really

  • Alex Dovbnya
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    XRP’s recent drop below the $0.30 level was a major test for Ripple’s Twitter army, but they won’t abjure their allegiance


Has #XRPArmy Turned Against Ripple? Not Really

Tiffany Hayden, one of the most vocal members of the XRP army, has been suspected of becoming a non-believer after questioning the strength of the Ripple network. 

That conveniently coincided with the XRP price nose-diving below the $0.30 mark due to the continuous market sell-off.

Everyone who keeps tabs on crypto Twitter has hardly seen any negative comments about Ripple posted by Hayden. However, she recently assumed that the network wouldn’t last much longer if Ripple shuttered that night.

There were legitimate reasons to believe that this might be the case given the painful experience of Stellar, which is considered to be Ripple’s direct competitor.

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However, despite these concerns, Hayden made it absolutely clear she hasn’t lost her faith in XRP, claiming that she would rather sell a kidney than her bags of Ripple’s native token.  

She later clarified that the kidney wouldn’t be her own (hopefully, she was joking).

Notably, Ripple’s XRP turned out to be one of the best-performing currencies during the recent sell-off, clinging onto the $0.30 price tag. 

XRP records a modest drop
Image by CoinMarketCap

Still, its underwhelming overall performance in 2019 made many XRP investors reconsider their loyalty.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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