Bitmain Said to Be Planning another shot at an IPO, this time with the U.S.

Bitmain Technologies Ltd. is a Crypto mining hardware giant and it is said to be relaunching its initial public offering (IPO) plans, but this time in the U.S. instead of Hong Kong. Bitmain was recently in the news for their ongoing Legal Brawl with former Staffers Who Founded a Rival Mining Pool against signed agreements. According to some sources, the firm has in its plans for the nearest future, lodging of documents with the U.S. Securities and Exchange Commission in July.

Bitmain is a privately owned company headquartered in Beijing, China that designs application-specific integrated circuit chips for bitcoin mining and they are seen as the world’s biggest manufacturer of crypto mining devices. Spawned from Bloomberg’s report that cited “people with knowledge of the matter,” Bitmain is said to be consulting with advisers over a U.S. public listing, potentially in the second half of 2019. This revival of its IPO plans is coming after the recent bitcoin surge.

Bitmain’s application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) was filed last September, and that action officially lapsed in March 2019. HKEX has a listing rule that states, “the latest financial period reported on by the reporting accountants for a new applicant must not have ended more than six months from the date of the listing documents.” The last public filing from Bitmain only covers the period ending June 30, 2018, nearly nine months ago, however. The HKEX share offering at the time was gunning to raise $3 billion.
The IPO application for Bitmain raised opinions as there was no following action and even more, attention was drawn when Bitmain’s profit growth over the past several years was mouth watering; the mining giant brought home a net profit of nearly $1 billion just for the first half of 2018 following the $1 billion made for all of 2017. It was definitely a tremendous increase.
This time around, one of Bloomberg’s sources says Bitmain may reduce its previous fundraising target to roughly $300 million–$500 million in the U.S. offering; although it is not officially confirmed. Additionally, the preparations for the U.S. IPO are still in the early stages and are subject to change, the Bloomberg report states, and Bitmain declined to comment on the news.

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Credits- Wolfie Zhao, Daniel Palmer

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