Reports indicate that the cryptocurrency ASIC miners manufacturer, Bitmain Technologies, has secretly submitted to the Securities and Exchange Commission (SEC) a request to make an initial public offering (IPO) on the US stock exchange. .
The news was reported on Wednesday by Tencent News, it reflects that the German multinational bank Deutsche Bank is the developer of the application for its IPO. The report does not mention the amount that Bitmain seeks to raise through the IPO in the United States, however, according to a report made by Bloomberg in June this year, Bitmain was looking to raise around USD 300 to 500 million in Its release to the market.
This sum fell sharply in contrast to its previous objective of raising around USD 3 billion, which Bitmain had set when he filed an IPO application to be listed on the Hong Kong Stock Exchange (HKEX). But that request eventually expired in March of this year.
According to Tencent’s report, Bitmain has hired as a company consultant Zheng Hua, the former representative of Nasdaq China, with the aim of increasing the chances of its launch on the United States Stock Exchange.
Just yesterday, Bitmain went through a corporate restructuring exercise, in which its co-founder and executive director, Micree Ketuan Zhan, was abruptly dismissed. Jihan Wu, another of Bitmain’s cofounders, took on Zhan’s responsibilities. There are several reports that report how abrupt it was the taking of the company’s leadership by Wu, which could cause future legal problems for the company.
Earlier this week Bitmain’s rival, Canaan Creative, also applied publicly to conduct an IPO in the United States, aiming to raise about USD 400 million.