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Highlights:

  • Following suit with competitor Cannan, Bitcoin has filed for an IPO in the US
  • This is their second attempt at getting a public Listing
  • Previously, they had filed the same with the Hong Kong Stock Exchange, but were denied

After getting rejected already this year, Bitmain Technologies, the largest commercial mining machine manufacturer, has reportedly re-submitted its US application in secret. 

Tencent News reported that the mining giant has secretly filed an application with the U.S. Securities and Exchange Commission (SEC), sponsored by Deutsche Bank, as part of a deal that would see the company’s equity offered to investors in the U.S. for the first time.

The valuation remains unclear, though earlier reports suggested it could be looking to raise in the region of $300-$500 million from the offering. The figure is significantly lower than the $3 billion it had set as its target for an initial IPO application in Hong Kong filed back in September 2018, with the application ultimately lapsing in March of this year.

The U.S. might offer a more favorable investment landscape for the company. In its coverage, Bloomberg cites a South China Morning Post article that argues that regulators and exchange operators view IPOs by cryptocurrency companies as too “premature” to expose to retail investors.

This IPO filing seems ike a FOMO move,  as Bitmain’s main Chinese competitors, Canaan Creative, have both filed for IPOs with the US’ SEC as well, last week.


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Sudarshan M

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it didn’t take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject. He is currently a researcher at the University of Nicosia. He is also the author of two research papers and a book on Blockchain’s future in Education titled: An Academic Overview of Blockchain - Applications in Educational Institutions. Sudarshan is an entrepreneur, blogger, educator, researcher and an avid proponent of Dogecoin. Such coin, Much wow.

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