The world’s largest manufacturer of mining equipment, Bitmain, plans to conduct an initial public offering (IPO) in Hong Kong and raise $3 billion, or six times less than previously called. Bloomberg writes about this with reference to its own sources.
Bitmain is expected to submit an application for an IPO to the Hong Kong Stock Exchange in September. Although this event marks an important step for the cryptocurrency company and the industry as a whole, if the new data prove to be correct, Bitmain’s IPO will no longer be able to claim the title of one of the largest in history. Earlier it was assumed that the Bitmain campaign could eclipse Facebook’s IPO. In 2012, the social network managed to attract $16 billion through the placement of its securities.
Details of the Bitmain IPO have not yet been approved, and the final goal of raising funds can still be changed, sources said. The representative of Bitmain declined to comment on the situation.
Last week, CoinDesk reported with reference to the documents for investors that had been placed at its disposal that the mining giant intends to raise $18 billion. The presentation for investors, fragments of which later spread to the network, abounded in other interesting details of the Bitmain business.
So, it became known that the company can hold more than 1 million Bitcoin Cash coins, which it can not liquidate due to the low liquidity of the market. Some suggested that a large IPO could be the only salvation option for a company that found itself in a quandary due to the continued decline in the market and technological lag behind its competitors, and even to signal a future trend change.