World leading cryptocurrency mining chip producer, Bitmain Technologies Ltd. has new plans to go public via an initial public offering (IPO) on a U.S exchange according to Bloomberg sources.
The unnamed group of people familiar with the matter said that Bitmain hopes to file listing documents with the U.S. Securities and Exchange Commission (SEC) within one month and is already working with advisers on preparations for a U.S. share sale expected to debut within the second half of the year.
Interestingly, Bitmain IPO talks revival coincides with the market performance that saw Bitcoin reach a valuation above $9,700 on Friday, the highest level it ever saw since March 2018.
In 2019 alone, Bitcoin’s price has increased by more than 160% meaning that Bitmain has a more favorable market now than in 2018 when it shut down its Israeli subsidiary citing the bear market as a reason.
Back to Bitmain, the new case for a listing will also see the $15 billion worth company lower its earlier fundraising target.
Per the report, Bitmain had wanted to raise at least $3 Billion if the company’s last year application for a Hong Kong IPO got approved. This time, though, Bitmain will lower that target to about $300 to $500 million despite it hasn’t concluded on the goal it seeks.
It would be fair also to note that the sources were quick to point out that Bitmain’s IPO the deliberations are at an early stage, so the details about the proposed offering might be changed.
The company may also have a had time finding its way past the U.S SEC who at this moment has vowed to critically review any crypto-related offering before giving its approval.
