Bitmain Shifts Its IPO Plans To The United States Due To Growing Optimism
- Bitmain wants to launch an IPO in the United States
- The goal is to gather between $300 and $500 million
- The cryptocurrency mining giant Bitmain seems to be re-thinking its strategy for an Initial Public Offering (IPO). According to Bloomberg, the Chinese mining firm is reportedly planning to file listing documents with the U.S. Securities and Exchange Commission (SEC).
Bitmain Plans New IPO In The United States
Last year, Binance planned to list an IPO on the Hong Kong Stock Exchange but the application expired on March 26. The company is now working in order to present the required documentation in the United States through the SEC. If everything goes as planned, the company could start selling stock as soon as this year.
The firm aimed at raising $3 billion fro its Hong Kong IPO, but the report released by Bloomberg suggests that the new fundraising target is much smaller, between $300 million and $500 million. This comes just after Bitcoin surpassed $9,800 and is getting closer to $10,000, a very important psychological price for the digital currency.
Bitmain has also mentioned that it remained committed to working on the blockchain and crypto industries. Moreover, the firm believes that it became more transparent and standardized as well.
Bitmain is one of the most popular companies related to ASIC miners in the cryptocurrency market. Located in China, the firm owned a large portion of the Bitcoin mining market. However, due to mismanagement and some issues that the firm faced, it lost part of its presence around the world. Other firms in the market include Canaan or Innosilicon, among others.