March 4, 2024

Bitmain secretly applied for an IPO in the US

Bitmain secretly applied for an IPO in the US

Miner giant Bitmain Technologies has secretly filed an application with the Securities Exchange CommissionUS Securities and Exchange Commission (SEC) to participate in the IPO.

It is reported that the Bitmain application was created undermanagement of the German Deutsche Bank. The report doesn't mention the amount Bitmain aims to raise through its US IPO, but according to a Bloomberg article published earlier in June, the giant is targeting at least $300 million.

The figure is significantly lower than its previous target of $3 billion announced in its IPO filing for listing on the Hong Kong Stock Exchange (HKEX). But it was never 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.