Jiang Zhuoer: Bitmain’s IPO would Remit BTC Drop and its Stock would Become BCH’s ETF
September 27, Jiang Zhuoer, founder of the world’s third-largest mining pool BTC.Top, believes that, Bitmain’s IPO would reduce BCH’s price drop in the bear market.
Of late, the Chinese cryptocurrency mining giant Bitmain finally released its public financial statements. Although there are still some criticism on its financial situation, Jiang deems the Bitmain’s IPO project would succeed.
In responds to the query of whether Bitmain would successful listed, Jiang said that, “The submission of the listing application to the Hong Kong Stock Exchange (HKSE) does not necessarily guarantee a successful IPO, but traditionally, the probability of failure is minimal.”
“Especially, when the China International Capital Corporation Limited (CICC) holds the post of the lead underwriter of Bitmain’s IPO,” he added.
Jiang further indicated that, after Bitmain successful listed in Hong Kong, it would reduce further drop of BCH in the bear market. Bitmain’s stock may become BCH’s ETF, which may allows the general securities fund investors to legally enter the digital currency market.
Bitmain hoards huge amount of BCHs through the mining equipment sales and proprietary mining. Besides its Antminer business, the millions of BCH also has the investment value. To some extent, Bitmain’s stock can be seen as BCH’s ETH fund.
If Bitmain successfully enters the capital market, major funds could purchase BCH by purchasing Bitmain stocks, thereby maintaining and driving the value of BCH.
Jiang considered that, purchasing cryptocurrecy is much more profitably than the miners business. He said, if he was Bitmain, he would use the raising fund from IPO in further R&D and production operations, then use the firm’s original funds to purchase more cryptocurrencies, and trying to boot its BCH holdings to 2.1 million in this bear market.
According to CoinMarketCap, Bitcoin Cash price shows a bullish pattern with the current trading value of $544.21.