Chinese crypto conglomerate Bitmain is reportedly filing for an initial public offering (IPO) in which it hopes to raise $18 billion, according to CoinDesk. Bitmain, which is the world's leading producer of crypto mining chips, or ASICs, has already closed $450 million in private funding from participants including Sequoia, GIC, and IDG Capital, as well as a $1 billion funding round led by Chinese tech giant Tencent and Japan's SoftBank.
Bitmain's decision to pursue an IPO could bring more legitimacy to the crypto space. The completion of such a large public offering by a crypto company would serve as a major step toward the mainstream for the entire industry, enabling large swathes of investors to get exposure to crypto-related activities on the public market.
Moreover, unlike ICOs, public stock offerings place regulatory scrutiny on companies and require them to meet certain transparency standards. This choice therefore could help Bitmain gain more credibility with investors, and suggests that crypto-focused companies are growing more cognizant of the need for a regulatory and legal framework to attract long-term investment, legitimize their businesses, and accelerate growth.
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Chinese crypto conglomerate Bitmain is reportedly filing […]
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