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Cryptocurrency Mining Giant Bitmain is Planning a U.S. IPO after Failed Attempt in Hong Kong

Chinese cryptocurrency mining giant Bitmain may be revisiting its plan of launching an initial public offering (IPO), Bloomberg reported.

The Beijing-based company, world’s largest manufacturer and mega-seller of crypto mining equipment, is reportedly consulting with advisors over a potential share sale, which is expected to happen as soon as the second half of this year. The company is planning to file listing documents with the United States Security and Exchange Commission (SEC) in the coming July, according to people with knowledge of the matter cited by Bloomberg.

Bitmain had sought to go public in Hong Kong in September last year, but faced major headwinds for cryptocurrencies’ price volatility and regulatory pressure amid the sluggish crypto market, which ultimately resulted in the company letting its IPO application expire on March 26.

Though the company’s attempt to go public in Hong Kong failed, it said to its employees in an internal letter that the company would “restart IPO efforts at an appropriate time”. The news of Bitmain’s U.S. IPO broke out at a time when bitcoin has been keeping its rally in price over the past three months and is testing the $10,000 mark.

8btc reached out to Bitmain for comments, but a representative declined. While according to the aforementioned sources, Bitmain is considering lowering its fundraising target to around $300 million -$400 million in the U.S. share sale, though it has yet to officially decide on the amount. In its attempted Hong Kong IPO, the company had hoped to raise $3 billion.

Prior to it, another cryptocurrency mining giant Canaan was reportedly mulling over an IPO in the U.S. as well after failed IPO attempt in Hong Kong. It remains to be seen whether Ebang – the third of the trio after Bitmain and Canaan whose Hong Kong IPO lapsed today – would also pin its hope to the U.S. market.

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