Bitmain plans to raise $300-$500 million via U.S. IPO later this year - Report

Mining • June 21, 2019, 7:35AM EDT
UPDATED: June 21, 2019, 9:54AM EDT
The Block

Cryptocurrency mining giant Bitmain Technologies is planning on conducting an initial public offering (IPO) in the U.S., Bloomberg reported Friday, citing “people with knowledge of the matter.”

The company aims to raise $300-$500 million from the offering, which could launch “as soon as the second half of this year,” according to the report.

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Bitmain is reportedly already in discussions with advisers for the IPO and could file documents with the U.S. Securities and Exchange Commission next month.  Still, “deliberations about an IPO of Bitmain are at an early stage, and details of the offering could change,” per the report.

The mining giant was initially looking to launch an IPO in Hong Kong, but the application lapsed earlier this year.

Bitmain rival Canaan was also reportedly looking at a U.S. listing after its Hong Kong Stock Exchange application lapsed late last year, but it seems to be behind schedule.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

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