Giant crypto mining chip company, Bitmain, valued at roughly $15 billion would within the next month, submit an application for an IPO to hold on a U.S exchange according to a report by Bloomberg.
Citing sources familiar with the matter, the report claims that Bitmain is already in the process of speaking with advisers regarding the U.S listing which cryptocurrency industry enthusiasts believe would reinforce public confidence in the new industry.
Meanwhile, the latest report seemingly confirms the Bitmain has abandoned its earlier plans to seek an IPO listing in Hong Kong, the home nation of the mining hardware company.
The new route, U.S listing, as per the report means that Bitmain would also lower its fundraising target from the $3 billion put as the threshold for a Hong Kong listing.
For its soon-to-be submitted application with the U.S Securities and Exchanges Commission (SEC), the sources suggest that Bitmain's fundraising target would be anywhere between $300 million to $500 million or a bit higher.
As mentioned earlier, however, the possible Bitmain IPO would have far significant meaning for the cryptocurrency industry and is not just one more company getting listed on a publicly traded stock exchange.
If Bitmain, one of the most valuable firms in the space achieve an IPO in the U.S, then it would raise public confidence in the fact that the cryptocurrency industry has come to stay. That would probably trigger an influx of cash pouring into other crypto firms, albeit there has been some significant institutional investment despite the industry still being at an early stage.
To be clear, that journey may not be as smooth as the last paragraph puts with Bitmain’s next challenge being to acquire approval for its listing from the U.S SEC, who appears not to be in the mood to approve everything else except — a crypto-related offering.