Cryptocurrency hardware manufacturer and crypto mining pool operator Bitmain has reportedly filed a confidential application for an initial public offering (IPO) with the U.S Securities and Exchange Commission (SEC).
German multinational Deutsche Bank is reportedly sponsoring Bitmain’s IPO, which has been pushed forward by Bitmain co-founder Jihan Wu and Bitmain CFO Liu Luyao. To better the chances of being listed in the U.S., Bitmain hired former Nasdaq representative for China Zheng Hua as a consultant.
The offering was filed with the SEC earlier this week. The agency will subject the company to questioning before they can apply for the certification required for foreign companies to list the offering on the U.S. securities market in a process that will last approximately 1-2 months.
Mining giant Canaan has also filed for an IPO with the SEC. The world’s second largest designer and manufacturer of ASIC mining machines filed an application on Oct. 28 and is expecting to raise $400M and could become the first Chinese mining company to be publicly traded in the U.S.
In addition to the IPO news, earlier Jihan initiated a coup at the Bitmain Beijing headquarters and sent a letter to the staff stating that co-founder, executive director and Bitmain shareholder Micree Ketuan Zhan was dismissed from his roles at the company, effective immediately. According to Dovey Wan, Zhan was at a press event in Shenzhen on Oct. 28 while Jihan put his plan into execution. Per Wan’s tweet, Jihan got the support from Bitmain’s employees and executives to coordinate the coup, as well as placed himself as Bitmain’s legal representative without Zhan knowing, both of which were done without shareholders consent.
Last week Bitmain launched its 50MW mining farm in Rockdale, Texas. The facility has the potential to become the largest bitcoin mining facility in the world and, alongside the recent IPO filing, is an important part of Bitmain’s global expansion plans.