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

Fri, 06/21/2019 - 14:00
Put your
crypto to
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • The biggest mining gear producer, Bitmain, is reported to start preparations for another IPO, this time in the US

Cover image via U.Today

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.

Must Read
Ripple CEO Brad Garlinghouse Reverses on BTC: 'I Own Bitcoin and I'm Long Bitcoin' - READ MORE

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.

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, can be contacted at

Recommended articles
How Honest Mining Can Stop Corruption: EMCD Case

How Honest Mining Can Stop Corruption: EMCD Case

Canaan Stock Collapses 10 Percent Despite Bitcoin Price Rally

Canaan Stock Collapses 10 Percent Despite Bitcoin Price Rally

 ETH Active Supply Hits 3-Month High, While Block Intervals Are Getting Shorter

ETH Active Supply Hits 3-Month High, While Block Intervals Are Getting Shorter