Bitmain Technologies Makes a Stealthy Move Towards IPO Filing in the U.S.

Bitmain’s Quiet IPO Plans

In a surprising twist that could shake up the crypto landscape, Bitmain Technologies, the heavyweight in cryptocurrency mining, has officially submitted an application for an Initial Public Offering (IPO) with the U.S. Securities and Exchange Commission (SEC). This discreet maneuver was reported on October 30 by Tencent News, referencing insights from unnamed sources who seem as well-informed as your friend who claims to know all about the latest TikTok trends.

German Banking Support

The financial backing for this bold move reportedly comes from none other than German banking giant Deutsche Bank. While the specific amount Bitmain is aiming to raise remains a mystery, the stakes are undeniably high. One can only imagine the discussions that transpired over schnitzels and sauerkraut, strategizing about how to best approach the U.S. market.

Leadership at the Helm

At the forefront of this venture are Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao, who are handling the intricacies of this IPO filing like seasoned bartenders mixing a complicated cocktail. To enhance their chances of a successful outing, the company has tapped Zheng Hua, a former representative for Nasdaq in China, serving as a consultant. Talk about a high-profile recruit! It’s like bringing in a famous chef to level up your home cooking skills.

The SEC Review Process

The journey ahead is fraught with due diligence. According to reports, the SEC’s review process entails three rounds of inquiries, stretching over a timeline of approximately 1-2 months. One can envision dedicated SEC analysts poring over documents, armed with their favorite caffeine, dissecting every detail.

Concerns Over Blockchain

Industry insiders indicate that while the SEC isn’t inherently biased against blockchain endeavors, they remain vigilant regarding potential professional and technical complications. A key hurdle for Bitmain could be its ties to Bitcoin Cash (BCH)—yes, that hefty baggage may just weigh down their application more than your grandma’s Thanksgiving turkey.

Flashbacks to Bitmain’s Challenging History

Let’s not forget Bitmain’s previous attempt at an IPO—back in September 2018, they sought to raise a whopping $3 billion on the Hong Kong Stock Exchange, only to see those plans collapse following various controversies. You know it’s bad when even your best poker face can’t help you win that round.

A Week of Surprises

In recent events, Bitmain has been buzzing with activity—Jihan Wu recently announced that co-founder Micree Ketuan Zhan has “left the building,” hinting at some serious internal drama. Meanwhile, rival firm Canaan Creative is also trying to join the IPO party, hoping to raise $400 million under the ticker CAN. It seems like everyone wants a slice of the public pie these days.

And as if that weren’t enough excitement for one week, Bitmain has also unveiled what it claims to be the “world’s largest” Bitcoin mining facility in Rockdale, Texas! Move over, Texas BBQ; there’s a new heavyweight in town.