China-based mining titan Bitmain Technologies has discreetly filed an software for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC).
According to an Oct. 29 report from Tencent News citing nameless “informed sources,” German multinational Deutsche Bank is sponsoring the appliance. The quantity sought to be raised by the providing has not been specified.
Deutsche Bank reportedly sponsoring the appliance
Tencent News additional experiences that the IPO plans have been dominated by Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao.
To bolster possibilities of success, the agency has purportedly employed Zheng Hua, former Nasdaq consultant for China, as a advisor to the agency.
The SEC’s overview course of will reportedly entail three rounds of inquiries and final an estimated minimal of 1-2 months.
An additional unnamed trade supply, reportedly aware of the SEC’s itemizing procedures, informed Tencent:
“The SEC has no biased place towards the blockchain enterprise, however is fairly involved about skilled and technical points.”
The supply claimed that the corporate’s connection to the Bitcoin (BTC) fork Bitcoin Cash (BCH) is prone to be the biggest impediment going through the appliance.
Tangled backstory
Industry onlookers will bear in mind Bitmain’s earlier, ill-fated try to file a significant $three billion IPO on the Hong Kong Stock Exchange in September 2019, which lapsed after a number of controversies this March.
This week has been one other eventful week for Bitmain with Jihan Wu revealing that fellow co-founder Micree Ketuan Zhan had left the corporate amid indicators of inner firm drama.
On Oct. 28, rival Chinese mining agency Canaan Creative filed for an IPO with the U.S. SEC to lift $400 million, eyeing an inventory on Nasdaq beneath the ticker CAN.
Earlier this month, Bitmain opened what it claims is the “world’s largest” facility for Bitcoin mining in Rockdale, Texas.
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