This article was updated on Jan. 14 to include recent developments. On Jan. 10, news emerged that Chinese Bitcoin mining giant Bitmain’s co-founders, Jihan Wu and Micree Zhan Ketuan, will step down as co-CEOs of the company. The move follows a streak of reports suggesting that Bitmain has been facing mass layoffs, class action lawsuits and difficulties related to its initial public offering (IPO) during the last quarter of 2018. So what exactly is happening with one of the world’s most influential crypto outfits? Brief introduction to Bitmain, the world’s most powerful crypto mining giant Bitmain was founded in 2013 …
Chinese cryptocurrency mining giant Bitmain is revisiting plans for an initial public offering (IPO,) Bloomberg reported on June 21. The company had filed to list an IPO on the Hong Kong Stock Exchange, but the application expired on March 26. Now, Bitmain is reportedly planning to file listing documents with the United States Security and Exchange Commission, potentially paving the way for a share sale to take place later this year. While the company was hoping to raise $3 billion from its planned Hong Kong IPO, the Bloomberg report suggested that this fundraising target will be reduced to between $300 …
A critic of cryptocurrency mining giant Bitmain, BTCKING555, said that a group investors are preparing a class action lawsuit against the company in a tweet on March 26. BTCKING555 said in the post that a number of Bitmain’s investors are going to file a class action lawsuit against the company in Hong Kong, seeking to recover their investments after the expiration of Bitmain’s initial public offering (IPO) bid. The post reads: “...already in august I warned many investors and prevented them from investing. Those that did not listen, good luck recovering your moneys. I hear there is class action in …
Chinese crypto mining titan Bitmain’s filing to list an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEx) has officially expired, according to an updated list of now-lapsed applications on the HKEx website on March 26. In a blog post published the same day, the company acknowledged that its IPO application was now inactive, and simultaneously revealed the appointment of a new CEO, Mr. Haichao Wang. As reported yesterday, Bitmain’s IPO filing — published in English and Chinese on Sept. 26, 2018 — was set to imminently reach the end of a six-month validity window, pursuant to HKEx …
A Hong Kong Stock Exchange (HKEX) spokesperson has called Bitmain’s alleged hesitation around a purported initial public offering (IPO) “rumors,” in an email to Cointelegraph Dec. 17. When asked for verification and details on the crypto mining firm’s IPO status, the spokesperson responded that “HKEX does not comment on rumors.” Blockchain and crypto media had previously reported that the exchange was “hesitant” to host its IPO because of market conditions surrounding the overall crypto mining business. Anonymous sources have reportedly claimed that “the exchange is very hesitant to actually approve these Bitcoin (BTC) mining companies because the industry is so …