Bitmain Files for Deutsche Bank-Backed IPO in the US

Bitmain IPO in USA

Bitmain Technologies which is based in China has filed an application for an Initial Public Offering (IPO) with the United States Securities and Exchange Commission (SEC). They filed for Bitmain IPO in USA.

According to Tencent News citing anonymous “informed sources,” German multinational Deutsche Bank is sponsoring the application. The amount aimed to be raised by the offering is yet to be made known.

Tencent News reports that the IPO plans have been dominated by Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao.

The firm has also hired Zheng Hua, former Nasdaq representative for China, as a consultant to the firm. The SEC’s review process will require three rounds of inquiries and last an estimated minimum of 1-2 months.

An anonymous industry source also told Tencent:

“The SEC has no biased position toward the blockchain business, but is rather concerned about professional and technical issues.”

According to the source, the company’s connection to the Bitcoin (BTC) fork Bitcoin Cash (BCH) might be the largest obstacle facing the application.

Remember that earlier this month, Bitmain opened what it claims to be the “world’s largest” facility for Bitcoin mining in Rockdale, Texas.

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