Bitmain IPO Plan Revives as Bitcoin Hits One Year High Price

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Chinese Crypto Mining Chip producing Giant, Bitmain Technologies Ltd., plans to revisit its plan for an initial public offering (IPO) as Bitcoin price surges, as per the report via Bloomberg on 21st of June.

Previously, the company had purportedly failed to list an (IPO) on the Hong Kong Stock Exchange Market because of some reasons, the application expired on 26th of June.

As for now, the firm is working with the advisory firms to file its (IPO) listing documents with the United States Security and Exchange Commission (SEC). The firm is looking forward to having a share sale in the second half later this year.

As the company was hoping to raise about $3 billion for its Hong Kong IPO, but due to its failure, the firm has reduced its fundraising target to about $300 million and $500 million due to the listing in the U.S, suggests Bloomberg report.

Bitcoin (BTC) sores a high price of $10,800 which is currently used as an index as to how high the crypto industry would fare in accordance with the market.

With the coming end of March, Bitmain confirmed that it had a constant effort in realizing the “Huge potential of the cryptocurrency and blockchain industry” even though it had its listing lapsed in the Hong Kong’s Exchange Market. The company now also claimed to become even “more transparent and standardized” then previously it used to.

Back in February, a document revealed that the firm may have amassed a loss of about $500 million back in the third quarter of 2018 which confirmed that the previous year had a tough toll on the mining sector and the firm beard a huge loss.

Also Read: Bitcoin Hash Rate Hit New All-Time High