January 27, 2023

Bitmain secretly applied for an IPO in the US

Bitmain secretly applied for an IPO in the US

Bitmain Technologies, a mining giant, has secretly filed an application with the Securities Commission US Securities and Exchange Commission (SEC) for participation in IPO.

It is reported that the Bitmain application was created undermanagement of the German Deutsche Bank. The report does not mention the amount that Bitmain intends to raise through an IPO in the United States, but, according to an article by Bloomberg published earlier in June, the giant expects a minimum of $ 300 million.

This figure is significantly lower than its previous target of $ 3 billion, announced in an IPO application for listing on the Hong Kong Stock Exchange (HKEX). But she was not approved.

According to a Tencent article, Bitmain also hired former Nasdaq China spokesman Jeng Hua as a consultant to the company, which will increase the likelihood of its listing on the US stock exchange.

Just yesterday, Bitmain underwent a corporate restructuring, during which the co-founder and CEO of the company, Mikri Ketuan Jean, was dismissed.

Also earlier this week, competitor Bitmain Canaan Creative publicly filed for an IPO in the United States with the goal of raising $ 400 million.