Bitmain launches US IPO plan, plans to raise $300 million to $500 million

On June 21, Bloomberg quoted people familiar with the matter as saying that Bitmain is restarting its IPO plan, nearly three months after its Hong Kong stock listing failed.

According to people familiar with the matter, Bitmain is working with consultants to prepare for an IPO in the United States as soon as possible in the second half of this year. "Bitmain plans to submit listing documents to the U.S. Securities and Exchange Commission next month and asks not to disclose publicly. The IPO financing target is between $300 million and $500 million, but the amount has not yet been determined. "Compared to the fundraising target when it sought a listing in Hong Kong last September, they are considering lowering the target amount." said a person familiar with the matter.

Odaily Planet Daily asked Bitmain for confirmation on this matter, and it said: It would not comment on market rumors.

In September last year, Bitmain launched its plan to go public in Hong Kong. Prior to that, Bitmain had completed rounds of B and B+ financing, with a total financing of over US$700 million and a valuation of over US$12 billion and US$14 billion, respectively.

Although Bitmain achieved impressive performance in the first half of 2018, the digital currency market took a nosedive at the end of 2018. Bitmain also experienced setbacks such as clearing mining machine inventory, layoffs, and senior management changes in the bear market, trying to survive. In March this year, like Canaan Creative and Ebang International, Bitmain's IPO plan was declared "failed".

On March 26, the application submitted by Bitmain to the Hong Kong Stock Exchange appeared in the updated list of "no progress in hearing" with an "invalid" status. In the afternoon of the same day, Bitmain sent an internal letter stating that "the listing work will be restarted at an appropriate time in the future."

Today, the price of Bitcoin soared to over $9,700, reaching its highest level since March 2018. The market recovery may be what Bitmain calls "the right time."