The manufacturing giant of cryptocurrency mining machines, Bitmain, is reported to have secretly applied for the United States Initial Public Offering with the Securities and Exchange Commission. As affirmed, the IPO will be sponsored by the German multinational Deutsche Bank; however, the amount Bitmain seeks to raise is still veiled.
According to the reports by Tencent News, Bitmain has also appointed the former representative of Nasdaq China, Zheng Hua, as its consultant to improve its likelihood of being listed on a US stock exchange.
The wave of Bitmain IPO was swayed earlier in June when Bloomberg reported that the company was looking forward to raising around $300 to $500 million in a US offering. The firm also filed an IPO application aiming to get listed on the Hong Kong Stock Exchange (HKEK), which eventually failed in March.
Besides this, Bitmain is speculated to be facing turmoil after the giant expelled its co-founder and executive director, Micree Ketuan Zhan, on 29 October. Also, earlier this week, Bitmain’s neck to neck competitor, Canaan, publicly registered for a $400 million US IPO.