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This article was published on October 30, 2019

Bitmain quietly filed for a US IPO with Deutsche Bank as its sponsor

Bitmain quietly filed for a US IPO with Deutsche Bank as its sponsor
Yessi Bello Perez
Story by

Yessi Bello Perez

Former Senior Writer, Growth Quarters

After seeing its IPO dreams slashed earlier this year, Bitmain Technologies has reportedly re-submitted its US application in secret. 

According to a Tencent News report, the cryptocurrency miner manufacturing giant filed its application with the US Securities and Exchange Commission (SEC), with Deutsche Bank as its sponsor.

It’s not known how much Bitmain is looking to raise with its IPO, but previous reports suggested that it was seeking to raise approximately $300 million–$500 million with its US offering.

The latest figure is a lot lower than the $3 billion it intended on raising when it filed an IPO application in September 2018  to be listed on the Hong Kong Stock Exchange (HKEX); it eventually lapsed in March.

The company made headlines earlier this week after one of its founders returned from exile to oust the other.

According to an internal email sent to staff, Jihan Wu, Bitmain’s other co-founder and now chairman of the board, sent an email all employees on Tuesday, saying:

“Bitmain’s co-founder, chairman, legal representative and executive director Jihan Wu has decided to dismiss all roles of Ketuan Zhan, effective immediately. Any Bitmain staff shall no longer take any direction from Zhan, or participate in any meeting organized by Zhan. Bitmain may, based on the situation, consider terminating employment contracts of those who violate this note.”

Founded in 2013, Bitmain Technologies claims to control 75 percent of the world market for Bitcoin mining machines.

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