Bitcoin Mining Giant Bitmain Will Resurrect Plans For IPOs

Bitcoin mining giant Bitmain Technologies is now aiming to resurrect plans for its initial public offering (IPO) according to the latest cryptocurrency news that reached our website today.

This move comes during the bullish recovery in the BTC price rising more than 150% since the start of this year. With the increase in hash rate and mining difficulties, it seems like Bitcoin miners are once again making significant profits and therefore comes the decision by the Chinese bitcoin mining giant Bitmain to revive the aborted IPO.

According to Bloomberg’s reports, Bitmain is now trying to make another IPO listing. The sources from the company are saying that the company will apply for a stock sale in the United States and is now cooperating with the experts on how to make everything legal with the Securities and Exchanges Commission (SEC). The reports also outline that the IPO filing could happen at the start of July this year and some sources are even saying that the company is keen on enjoying the current ride of positive sentiments in the crypto market. Bitmain’s target for the new IPO is much smaller than the previous attempt at the Hong Kong Stock Exchange (HKEX).

Despite not being finalized yet, insiders also say that the company is targeting total share sale in $360 million to the $500 million regions. The 2018 Bitmain IPO filing with the Hong Kong Stock Exchange had a $3 billion share sale target. Apart from Bitmain, another major player in the crypto industry is filing an IPO with the HKEX. The company is also rumored to be pursuing a fresh IPO in the United States Stock market.

Overall, 2018 was a terrible year for Bitmain since it faced many troubles on every front. Despite making huge revenues in 2017, the year-long bear market in 2018 and many of the missteps by the management of the company, brought the company to make huge losses and cuts in staff. Most of the problems of the company have come about due to the major bet the company placed on Bitcoin Cash and led the company to lose more than $500 million for Q3 of 2018 alone.

As noted in some of the best cryptocurrency news sites, the company also downsized quite a bit and fled the expansion plans by shutting down the proposed mining projects in states such as Texas. Bitmain also lost dominance in the mining industry after it nearly controlled 51% of the network hash rate.