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.

46090766321_9ae7b253d1_b

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.

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!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Will Upbit's $ 50 million loss bring Defi's "prosperity"?

The South Korean exchange was stolen again. Following the theft of a South Korean exchange at the beginning of the ye...

Opinion

Data Perspective on the South Korean Cryptocurrency Market Strong Growth of CEX and Obsession of Retail Investors with Altcoins

We will study data from centralized exchanges in Korea and explore the characteristics and trends of Korean investors.

Policy

FTX Creditors' Lawyers Strike a Sweet Deal Investors to Feast on 90% of the Remaining SBF's Empire

Non-U.S. creditors of FTX are being told by lawyers that they will receive a favorable deal in the exchange's bankrup...

Opinion

Former close friend to testify against SBF, list of other witnesses revealed.

SBF's trial started on October 2nd, and his once closest friends will testify in court, becoming his biggest threat. ...

Market

Multiple macroeconomic negative factors have hit the market, causing Bitcoin to drop below 26,000 US dollars in the short term.

24-hour bitcoin price analysis chart shows that bitcoin is in a strong downtrend, with bears dominating the market.

Blockchain

Bakkt also can't impact traditional cryptocurrency futures trading? - Coin, OKex, Matcha, and the same station

Text | Mutual Chain Pulse · Liang Shan Hua Rong Mutual chain pulse: Although Bakkt has not been able to detonate...