According to reports, bitcoin mining manufacturer Bitmain Technologies confidentially filed for a U.S.-based initial public offering (IPO) with the Securities and Exchange Commission. The news follows the alleged removal of cofounder and executive director Micree Zhan and the recent announcement of a facility in Texas with the capacity to house 300MW of hashpower.
Also read: Avalon Mining Rig Maker Canaan Files for $400M IPO on Nasdaq
Bitmain Secretly Files for U.S. Initial Public Offering
The U.S. Securities and Exchange Commission (SEC) currently has two mining manufacturers to approve for IPO status in the country. According to Tencent News, the IPO is sponsored by the financial giant Deutsche Bank and it was filed at roughly the same time Canaan Creative filed for its IPO earlier this week. Canaan the makers of Avalon mining rigs and chips filed for a $400 million IPO on Nasdaq but the Bitmain valuation is currently unknown. Tencent’s (sycaijing.com) translated editorial details that Bitmain has hired China-based executive Zheng Hua who once worked with Nasdaq, so there’s a chance the company’s filing is similar to Canaan’s filing as far as listing status.
The news follows Bitmain’s recent push in Rockdale, Texas where the firm is building a bitcoin mine with up to 300 megawatts (MW) of hashpower. So far the facility houses 25MW and another 25MW will come online soon according to Bitmain. Last year, the company also filed an IPO prospectus in Hong Kong in order to be listed on the Hong Kong Stock Exchange (HKSE). However, in March 2019 the Chinese mining giant let the application lapse and did not file another
