The Bitcoin mining hardware giant Bitmain Technologies is in the latest cryptocurrency news today. Even though many traders and analysts were writing it off, Bitmain is ready to resurrect its initial public offering (IPO) plans – hours after Bitcoin has gone crazy and surged to new highs of $11,300.
The move comes amid a bullish recovery of the BTC price which surged by more than 150% since the start of this year. Given the increase in hash rate and the mining difficulty, it seems like Bitcoin miners are once again enjoying significant profits – and this is why Bitmain is ready to revive its aborted IPO.
As Bloomberg and many best cryptocurrency news sites recently reported, the IPO listing is another attempt for the company to apply for a stock sale in the United States. It is already liaising with experts on how to go about filing with the Securities and Exchange Commission (SEC).
There are even some reports stating that the IPO filing could happen as early as July 2019, while other sources are saying that the company is keen on riding the current wave of positive sentiments in the crypto market. Bitcoin’s reported target from the IPO, is however, materially smaller than the previous attempt at the Hong Kong Stock Exchange (HKEX).
The Bitcoin and altcoin news have confirmed that this move is planned – but is not yet official. Still, insiders from the company say that Bitmain is ready and targeting total share sale in the $300 million to $500 million region. For reference, the 2018 Bitmain IPO filing with the HKEX had a $3 billion share sale target.
For those of you who have not been following the Bitmain news, in March 2018 the company’s HKEX IPO elapsed, putting an end to the company’s efforts and attempts to go public. The result was not surprising given the troubles that Bitmain faced in 2018. Aside from Bitmain, there were other companies seeing their IPOs elapsing – Canaan Creative (another mining firm) was also one of them.
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All in all, 2018 was a year to forget for Bitmain. Now, Bitmain is ready to turn the page and along with Bitcoin’s resurrection – file its IPO and once again present good times for its miners.
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