Bitmain seeking US IPO with Deutsche Bank as a partner

Bitmain seeking US IPO with Deutsche Bank as a partner

Bitmain seeking US IPO with Deutsche Bank as a partner

Bitmain, a producer of bitcoin mining equipment, wants to go to the stock exchange in America. Allegedly, the Chinese company has quietly submitted a request for this to the Securities and Exchange Commission (SEC). Various media report this on the basis of a message from the Chinese Tencent News.

“Bitmain goes to US stock exchange”

Striking: Deutsche Bank will supervise the IPO. It is not known what amount Bitmain wants to raise in the market with the IPO. In June this year, there were rumors that it involved an amount between 300 and 500 million dollars.

That figure is a lot lower than the initial three billion dollars for an IPO on the Hong Kong Stock Exchange (HKEX). That plan was canceled in March this year.

Bitmain is now taking a more dynamic approach to attracting Zheng Hua, who previously worked for Nasdaq China. As a consultant, Hua must supervise the IPO and make it profitable.

Restructuring

Bitmain came in the news because co-founder and major shareholder Micree Ketuan Zhan has been promised by co-partner Jihan Wu.

Two days earlier, competitor Canaan Creative submitted a request to the Securities and Exchange Commission (SEC) for a listing on the Nasdaq tech exchange. The company wants to use this to earn $ 400 million to finance further growth.

Bitmain is the largest producer of specialized mining equipment (ASICs). Bitmain’s ASICs were always among the best and most efficient miners on the market. The group is also behind two of the largest bitcoin mining pools, Antpool and BTC.com.

The crypto winter had its impact on the concern. In the third quarter of 2018 alone, Bitmain suffered about a $ 500 million dollar loss. The IPO that Bitmain intended initially also turned out to be a dead end.

Add to that a number of lawsuits, large-scale layoffs, closures of offices and the final resignation of the two CEOs Jihan Wu and Micree Zhan Ketuan and the chaos seemed complete.

Both Bitmain and Deutsche Bank neither confirm nor deny the media reports.

About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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