Home News Bitcoin Bitmain IPO Application Lapsed

Bitmain IPO Application Lapsed

March 26, 2019 14:32
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Bitmain facility
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The Initial Public Offering (IPO) application for cryptocurrency mining giant, Bitmain, with the Hong Kong Stock Exchange has lapsed.

Crypto-News India had reported when Bitmain had first filed its application for the IPO. At the time, the company had not yet disclosed the valuation it’s targeting after this IPO, but it was almost certain that the success of company’s IPO will be a reflection of interest in cryptocurrencies among retail as well as institutional investors of Hong Kong.

At the time, the IPO document released by the company had said, “According to Frost & Sullivan, we are the largest global ASIC-based cryptocurrency mining hardware company in terms of sales revenue in 2017, accounting for a market share of 74.5%. We offer a variety of mining hardware equipped with proprietary ASIC chips under our Antminer brand.”

Regarding the lapse in the application status, the mining giant told Bitcoin Magazine in a press release, “Bitmain’s listing application to [the Hong Kong Stock Exchange] HKex in September 2018 has reached its [six]-month expiration date. We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”

Earlier, there were a lot of news reports that speculated that the Stock Exchange was hesitant to approve the mining company’s application which was later debunked. As earlier reported by Crypto-News India, the HKEX had called Bitmain’s alleged hesitation around a purported initial public offering (IPO) “rumors,”. When the exchange was asked for verification and details on the crypto mining firm’s IPO status, it purportedly said, “HKEX does not comment on rumors.”

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