Developments

Bitmain’s IPO expires, PR rep hints at the next course of action

Bitmain’s IPO expires six months after the virtual currency company filed its initial public offering (IPO) with the Hong Kong Stock Exchange. An IPO filed with the exchange automatically expires after six months if it never gets the attention of the exchange’s listing committee.

As noted by Dovey Wan, co-founder, Primitive Ventures, a firm which has invested in crypto-affiliated companies, observed that:

After Bitmain filed for its IPO in September, it had months to have a hearing before the Hong Kong Stock Exchange’s listing committee, who could either approve or disapprove the company’s inclusion in the exchange. But that never happened, and now it looks like Bitmain will have to file again it wants to go public – or not.

During the filing, the virtual currency company indicated that its assets are majorly in the form of inventory and cryptocurrencies. The inventory conspicuously featured crypto mining hardware.

However, since Bitmain filed its IPO last year, it has attracted some negative publicity. One such instance is when more than 100 customers who had previously purchased mining equipment from the company went to court. They claimed that the virtual currency company had preconfigured the devices to mine crypto for the firm once they were powered on. Bitmain has since refuted the claims.

Onthe next cause of action after Bitmain’s IPO expires, Nishant Sharma, Bitmain’s PR representative, told BreakerMag:

We will restart the listing application work at an appropriate time in the future. More information about the company’s IPO plans would be available shortly

This comes at a time when the virtual currency company is looking to expand its cryptocurrency mining activities by launching a crypto farm in China with 200,000 mining devices.

After Bitmain’s IPO expires, do you think the virtual currency company is likely to reapply for an IPO with the Hong Kong Stock Exchange or will it look for an alternative e.g Nasdaq?

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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