Bitmain Technologies, China-based mining titan has been said that they have quietly submitted an application for an Initial Public Offering with the United States Securities and Exchange Commission or SEC.
Based on Tencent News, sponsoring the application is German’s multinational Deutsche Bank. The amount to be raised by the offering is not yet announced.
Sponsored by Deutsche Bank
Reports also said that this IPO plans were conquered by their Chief Financial Officer, Liu Luyao and Co-Founder JIhan Wu.
To chances of success, the firm also hired Zheng Hua as their consultant. She is the former Nasdaq representative of China.
Is was said that the review process of SEC will take around 1-2months. Unnamed source said:
“The SEC has no biased position toward the blockchain business, but is rather concerned about professional and technical issues.”
This said source also said that the connection of the company to the Bitcoin fork Bitcoin Cash is likely to be the largest obstacle facing the application.