According to sources close to the company, Chinese block reward miner manufacturer MicroBT is preparing for an imminent initial public offering (IPO) that could see the firm debut on the Nasdaq over the coming weeks. The bitcoin mining machine manufacturer responsible for the Whatsminer is the world’s second-largest mining hardware company after Bitmain. Its debut on the Nasdaq would mark another landmark for the crypto mining sector, bringing shares in the Shenzhen-based company to the investment mainstream, reports noted.
MicroBT follows the footsteps of other crypto mining giants.
MicroBT is set to follow other manufacturers’ footsteps to have launched IPOs in recent times, including Bitmain, Canaan Creative, and Ebang International Holdings Inc. The decision comes at a time of high demand for mining equipment. Despite increasing mining difficulty and the high demand for the mining process’s natural resources, rallies in digital currency prices to new all-time highs have led to an increase in demand for mining rigs. Simultaneously, a global shortage of mining equipment has been driving up hardware prices from manufacturers such as MicroBT, with firms anticipating more commercial opportunities should crypto prices continue to rise.
Coinbase also files for an IPO.
As reported later last year, the U.S. crypto exchange giant Coinbase recently submitted a draft registration with the Securities Exchange Commission (SEC) confirming rumored plans to go public with an IPO that analysts estimate could be worth as much as $28 billion. Coinbase announced that it filed a draft registration statement with the SEC, paving the way for plans for an eventual initial public offering. The announcement comes as interest in bitcoin and other cryptocurrencies has soared to new highs during the ongoing coronavirus pandemic.