{"id":123937,"date":"2019-06-21T17:20:26","date_gmt":"2019-06-21T17:20:26","guid":{"rendered":"https:\/\/www.bnreport.com\/bitmain-revives-ipo-plan-as-bitcoin-hits-one-year-high\/"},"modified":"2019-06-21T17:20:26","modified_gmt":"2019-06-21T17:20:26","slug":"bitmain-revives-ipo-plan-as-bitcoin-hits-one-year-high","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/bitmain-revives-ipo-plan-as-bitcoin-hits-one-year-high\/","title":{"rendered":"Bitmain revives IPO plan as bitcoin hits one-year high"},"content":{"rendered":"

By Crystal Tse and Manuel Baigorri
<\/strong>
Bitmain<\/a> Technologies Ltd., the worlds biggest producer of cryptocurrency mining chips, is reviving plans for an initial public offering<\/a> as Bitcoin<\/a> climbs to a one-year high, people with knowledge of the matter said.<\/p>\n

The company is working with advisers on preparations for a U.S. share sale that could take place as soon as the second half of this year, the people said. Bitmain aims to file listing documents with the U.S. Securities and Exchange Commission as soon as next month, the people said, asking not to be identified because the information is private.<\/p>\n

Bitmain, which was valued at about $15 billion in a private funding round last year, is considering reducing its earlier fundraising target due to the increased volatility in cryptocurrency prices, according to one of the people. It could raise about $300 million to $500 million from the U.S. share sale, though it hasnt finalized the amount it wants to seek, the people said.<\/p>\n

The company was previously pursuing a Hong Kong IPO of as much as $3 billion, Bloomberg News has reported. Bitmains listing application lapsed in March. Smaller rival Canaan Inc. is also considering selling shares in the U.S. after dropping plans for a Hong Kong IPO, people with knowledge of the matter have said. Another chipmaker, Ebang International Holdings Inc., this week let its Hong Kong listing application lapse for a second time.<\/p>\n

Potential IPOs by Bitcoin-related firms have spurred debate in Hong Kong, which has sought to attract more high-growth technology companies to its market while still preserving protections for the citys legions of retail investors. Hong Kongs stock exchange and regulators consider IPOs by cryptocurrency companies to be \u201cpremature,\u201d the South China Morning Post newspaper reported in December, citing unidentified people.<\/p>\n

Bitmain is preparing the share sale as the price of Bitcoin surged past $9,700 on Friday toRead More \u2013 Source<\/strong><\/a>
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ET Markets<\/a><\/h5>\n

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By Crystal Tse and Manuel Baigorri<\/p>\n

Bitmain Technologies Ltd..<\/p>\n","protected":false},"author":1,"featured_media":123938,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-123937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nBitmain revives IPO plan as bitcoin hits one-year high - Business News Report<\/title>\n<meta name=\"description\" content=\"By Crystal Tse and Manuel Baigorri Bitmain Technologies Ltd..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/bitmain-revives-ipo-plan-as-bitcoin-hits-one-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitmain revives IPO plan as bitcoin hits one-year high - 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