Bitmain Files Secret IPO Application with Deutsche Bank as Sponsor

| Updated
by Tolu Ajiboye · 3 min read
Bitmain Files Secret IPO Application with Deutsche Bank as Sponsor
Photo: Shutterstock

Bitmain has reportedly filed with the SEC as it intends to go public in the U.S. At the moment, there aren’t specific details about the filing.

Even though there’s currently no official word from the company, it has been reported that China’s Bitmain Technologies – one of the largest crypto mining manufacturers in the world – has secretly made an official application with the United States Securities and Exchange Commission (SEC), to float an initial public offering (IPO). The move is also said to be fully backed by a German multinational financial services company, Deutsche Bank which has recently published its profit loss.

Because it is supposedly a secret filing, there aren’t a lot of details about the filing and no one is sure of the proposed date or even how much Bitmain is hoping to raise from the IPO. However, this isn’t the first time Bitmain has been reported to be considering going public in the U.S. Back in June, Bloomberg reported that the company had plans to go public “as soon as the second half of this year.” At the time, the company was said to be looking to raise funds anywhere from $300-$500 million in its IPO. Those stories also went largely unconfirmed by the mining giant.

It has also reported that a former Nasdaq China rep, Zheng Hua, has joined the Bitmain team, to handle consultations and do everything possible to increase its chances of approval by the SEC.

Back in September last year, Bitmain tried its hands on the Hong Kong Stock Exchange (HKEX) and made an application to go public there. At the time, it was looking to raise about $3 billion. But it didn’t happen. The company officially announced a few months ago in March, that the application reached its 6-month limit and expired.

Also in March, Jihan Wu and Micree Zhan, two Bitmain Technologies co-founders, jointly relinquished their positions as co-CEOs, a role which was taken over by Wang Haichao. At the time, it was announced that the two would remain as directors and still lead, as well as contribute to the company’s development.

However, in a shocking turn of events, Zhan has been forced out of the company, supposedly by fellow co-founder Jihan Wu. Even though Zhan has about 60% control, Wu has put a definite end to all of Zhan’s responsibilities, deleted his official e-mail and even prevented him from accessing the company’s physical premises. It was also reported that the company’s HR department has been completely overhauled and replaced with new people recruited by Wu.

Last week, Coinspeaker reported that Bitmain has launched a 50MW crypto mining facility in Texas, a facility expandable to 300MW which would make it the largest in the world.

Canaan Creative, the second-largest mining manufacturer in China, has also applied to the SEC, for an IPO. Just like Bitmain, Canaan also made an application to go public on the HKEX, which expired back in November. According to a publication from the SEC, Canaan filed on October 28 and hopes to raise $400 million. The company also wants to trade on the Nasdaq Stock Exchange.

Altcoin News, Bitcoin News, Business News, Cryptocurrency News, IPO News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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