Bitmain IPO Plans May be Rekindled With Crypto Winter's End
A Bitmain IPO might be making a come back, as a crypto bull run heats up and as the company may potentially file with the SEC.
Toward the end of June 2019, news emerged that the mining giant Bitmain might be reviving its initial public offering (IPO) plans. As Bloomberg reports, the China-based cryptocurrency mining hardware producer is allegedly preparing to file documents with the United States Securities and Exchange Commission (SEC) to hold its share sale on U.S. soil.
Bitmain — being the largest player in the mining sector — first attempted to go public in the second half of 2018, but soon was heavily damaged by the intensifying crypto bear market. Now that the industry has entered a much more optimistic, bullish phase, the company might be looking to recoup its losses.
The world’s most powerful crypto mining giant: A brief introduction to Bitmain
Bitmain was founded in Beijing in 2013 by Jihan Wu and Micree Zhan Ketuan. Prior to starting the joint venture, Wu was a private equity fund manager with a degree in economics and psychology from Peking University, while Zhan, a graduate of the Chinese Academy of Sciences, was managing a television-streaming startup.
After learning about Bitcoin (BTC) in early 2011, Wu allegedly invested all of his life savings into the cryptocurrency.