Bitland restarts IPO, first listed in the US in the second half of the year

According to people familiar with the matter, as Bitcoin continues to hit a new high for the year, Bitumin, the world's largest cryptocurrency mining chip maker, will resume its IPO plan, which will be available in the US in the second half of this year. It may raise about $300 million to $500 million from stock sales in the US market, but has not yet determined a specific amount.

Image source: Flickr

According to sources, the company is working with a listed consultant to prepare for the IPO, which will be listed in the US at the earliest or in the second half of this year. It is reported that Bitcoin plans to submit the listing documents to the US Securities and Exchange Commission as early as next month.

• Libra is just out of the white paper. The Digital Money Institute of the People’s Bank of China has already made a pilot project.
• Blockchain fraud tricks – fake coin scams secret
• Ethereum also has Litecoin, and ETH community members plan to launch a "friendly fork"

Bitcoin’s valuation in a round of private financing last year was about $15 billion. But people familiar with the matter said the company is considering lowering its early fundraising targets as volatility in cryptocurrency prices intensifies. It may raise about $300 million to $500 million from stock sales in the US market, but has not yet determined a specific amount.

According to Bloomberg's previous report, Bittland has sought to list in Hong Kong and plans to raise up to $3 billion. However, the company's listing application has expired in March this year. People familiar with the matter said that Bitian’s competitor, Jia Nan, is also considering listing in the US after abandoning Hong Kong’s IPO plan. This week, another chip maker, Yibang International’s Hong Kong listing application, expired for the second time.

Bitcoin-related companies' IPO plans sparked heated discussions. Hong Kong has been trying to attract more high-growth technology companies into its markets while still retaining protection for many retail investors in the market. The South China Morning Post quoted relevant sources in December last year as saying that the Hong Kong stock exchange and regulators believe that the IPO of cryptocurrency companies is "premature."

Bitcoin prices soared above $9,700 on Friday, the highest level since March 2018, and have risen more than 160% this year, and the Bloomberg Galaxy encryption index, which tracks some of the mainstream cryptocurrencies, has also doubled.

At the same time, the industry is gaining recognition from mainstream institutions. Facebook announced that it will launch its own cryptocurrency Libra. According to Bloomberg News, companies such as E* Trade Financial Group and Fidelity Investments are also planning to launch new cryptographic trading services.

The discussion about the Bitcoin IPO is still in its infancy, and the details of the release may change. Bitland declined to comment.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!