Leading cryptocurrency mining hardware manufacturer Bitmain has reportedly secretly filed an initial public offering (IPO) application in the U.S. with the Securities and Exchange Commission,
Tencent News reports that the company’s filed IPO application is sponsored by German multinational Deutsche Bank, and that Bitmain hired Zheng Hua, a former representative of Nasdaq China, as a consultant in a bid to improve its chances of being listed in an American stock exchange.
The report doesn’t detail how much the cryptocurrency mining hardware manufacturer is looking to raise in its IPO. When the company tried to go public on the Hong Kong Stock Exchange (HKEX) it was looking to raise $3 billion, but the attempt ultimately failed.
A report published earlier this year suggested Bitmain was planning to go public in the U.S., and was looking to raise between $300 and $500 million from issuing shares on the market. The figure has drastically dropped when compared to the potential IPO in Hong Kong.
This week, Bitmain made headlines after going through a corporate restructuring that saw its co-founder and executive director Micree Ketuan Zhan be ousted, with Jihan Wu, the company’s other co-founder, taking over his responsibilities.
According to Bloomberg, in an internal memo Wu made it clear employees should have no further contact with Zhan. The memo reportedly reads:
If employees cause any harm to the company’s economic interests, the company will investigate their civil or criminal liability in accordance with the law.
Bitmain’s IPO move comes shortly after its rival cryptocurrency mining hardware manufacturer Canaan Creative filed to be publicly listed on the Nasdaq to raise $400 million.
Featured image via Pixabay.
