Bitmain Technologies, a bitcoin maker, is reported to have confidentially filed a US-based public investment offer (IPO) with the Securities and Exchange Commission. The news follows the alleged dismissal of its co-founder and executive director, Micree Zhan, and the recent announcement of a facility in Texas capable of storing 300 MW of hash power.
See also: Avalon Mining Appliance Manufacturer Canaan Files for Nasdaq $ 400 Million Initial Public Offering
Bitmain secretly classifies its initial public offering in the United States
The US Securities and Exchange Commission (SEC) currently has two manufacturers of mining products that must approve IPO status in the US. According to Tencent News, the IPO is sponsored by financial giant Deutsche Bank and was filed around the same time that Canaan Creative filed for its IPO earlier this week. Canaan, makers of Avalon's mining platforms and chips, has asked for a $ 400 million IPO on Nasdaq, but Bitmain's valuation is not yet known. Tencent (sycaijing.com) translated the editorial details that Bitmain hired a China-based leader, Zheng Hua, who once worked with Nasdaq.
The news follows Bitmain's recent surge in Rockdale, Texas, where the company is currently building a bitcoin mine of up to 300 megawatts (MW). Until now, the installation hosts 25 MW and another 25 will soon be online, according to Bitmain. Last year, the company also filed an IPO prospectus in Hong Kong in order to be listed on the Hong Kong Stock Exchange (HKSE). However, in March 2019, the Chinese mining giant allowed the application to expire and did not file a new IPO prospectus in the country. Canaan also filed an IPO in Hong Kong and let the application slide too. Confidential or "secret" IPO filings are not uncommon in the United States as the SEC approved them in June 2017.
In addition, Bitmain has launched and shipped this year a wide variety of next-generation miners, Bitcoin Core (BTC) and Bitcoin Cash (BCH). Despite last year's FUD, the company has managed to produce at least 10 new machines, including a special S9 Antminer edition. According to Asicminervalue.com, while specifically filtering the SHA256 miners, the company's S17 series platforms are the two main bitcoin miners, just above the Innosilicon T3. The S17 Antminers are producing more than 50 terahash per second (TH / s) and the company's upcoming machines in December will generate 70 + TH / s according to specifications. Machines have been delivered, even though there are rumors of a 7-nm shortage in semiconductor foundries since the last two launches of Samsung and iPhone.
Information about the IPO filing has also grown following recent headlines that Micred Ketuan Zhan, the co-founder of Bitmain, had been ousted. flight reports revealed that the co-founder of Bitmain, Jihan Wu, disagreed with Zhan regarding the production of artificial intelligence chips (AI), which allegedly floundered. Wu would have taken the leadership of the company and Zhan's dismissal was "effective immediately" and includes "all roles" in the company.
"The co-founder of Bitmain, its chairman, its legal representative and executive director, Jihan Wu, has decided to give up all the roles of Ketuan Zhan, with immediate effect," revealed an outstanding e-mail. "Bitmain employees no longer have to follow Zhan's instructions, or attend any meetings organized by Zhan. Bitmain may, depending on the situation, consider terminating the employment contracts of those who break this rule. Since the reorganization of the Bitmain management, the price of bitcoin cash (BCH) has increased to double digits on October 29th.
What do you think about Bitmain confidentially submitting an initial US public offering to the Securities and Exchange Commission? Tell us what you think about this topic in the comments section below.
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