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

Market

Analysis and Commentary: The Fate of Bitcoin ETFs and Cryptocurrency Performance

After a period of significant growth in the crypto market, traders were briefly shaken by a report causing a halt in ...

Blockchain

Cardano (ADA) Adoption Surge: A Bullish Sign for Future Price Levels 🔥💰

Exciting possibilities lie ahead for Cardano (ADA) as it shows promising signs of surpassing current price levels, ba...

Market

Bitcoin Price Analysis: Bulls and Bears Battle for Control

Bitcoin's quick rebound to $42,000 may indicate a resurgence of bullish activity, boosting optimism and potential for...

Market

Evolution of demand, yield, and products in the ETH Staking market after Shanghai upgrade

Currently, we are still in the dividend period of ETH Staking, so it is advisable for ETH holders to participate in S...

Market

Is CoinDesk selling at a loss with a valuation of $125 million after being in business for ten years?

On the occasion of its tenth anniversary and after being held by DCG Group for eight years, CoinDesk, the cryptocurre...

Blockchain

From EOS, Sun Yuchen and Ownen Cong, ADA founder Charles Hoskinson took turns to diss it again.

The dilemma of EOS seems to be far from cooling. Block.one's June conference did not release "disruptive&qu...