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China’s MicroBT plans for the U.S. Initial Public Offering

China's MicroBT plans for the U.S. Initial Public Offering
Image by Лечение Наркомании from Pixabay

Significant Chinese Bitcoin miner hardware maker is approaching the U.S. to list its stocks publicly. According to 8BTC, MicroBT, which produces Whatsminer-branded miners, plans an initial public offering (IPO). It became the second-largest Bitcoin mining rig manufacturer in China, notwithstanding being one of the unique players in the space. Based in Shenzhen, MicroBT aggressively seized the Bitcoin miner hardware market in current years, lingering only behind Bitmain. However, the company did not confirm its plans of publicly listing its shares on Nasdaq yet.

Moreover, MicroBT is preparing to go public since 2019. The attempt got delayed due to a lawsuit over IP issues on its founder Yang Zuoxing by Bitmain, his former employer. Yang followed Bitmain’s Antminer S7 and S9 design team in 2015 but departed after a year when the co-founders declined to stake in the company.

Bitcoin Mining Companies attempts to list their shares publicly

 Earlier, several of the significant Bitcoin miner manufacturers decided to list their shares publicly. Although most of the attempts failed, Canaan become the first to register its shares on Nasdaq in November 2019. Nevertheless, the company performed poorly on the exchange. Its share is now selling at half the initial listing price, notwithstanding rallying in the past month.

Bitmain had various attempts to register their stocks on the United States and Hong Kong stock exchanges, however, could not succeed yet. While Bitcoin prices are rising since December and frequently break records, various crypto companies seek to go public. ICE-owned Bakkt currently established that it is consolidating with a blank-check company to go public. Thus, neglecting the more challenging conventional IPO route.

MicroBT became very familiar after the last Bitcoin halving as many designated that its machines are most useful to mine Bitcoins. The local media additionally described that MicroBT secured a $700 million financing round in January 2019. Local reports also allege that the supposed IPO would allow MicroBT to obtain more funds. It will help in maintaining its rising demand for Bitcoin mining machines. Interestingly, this demand is not restricted to China alone, with MicroBT establishing an overseas factory to meet increasing demand from non-Chinese clients in September 2020.

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