Bitmain submitted a listing application to the US Securities and Exchanges Commission, trying to achieve approval for its IPO in the United States. Seeking to increase chances of success in this trip, Bitmain hired a former representative of Nasdaq in China.
Bitmain filed an application for the initial public offering with the US Securities and Exchanges Commission (SEC), with Deutsche Bank being a sponsor of the Chinese mining manufacturer, Tencent News reports citing "many informed sources". The idea to change the initial target from the Hong Kong stock exchange to an unnamed US-based exchange was backed by Wu Jihan and CFO Liu Luyao.
In order to increase the chances of approval in the US, Bitmain even hired Zheng Hua, Nasdaq's former representative in the Chinese region, who will serve as a consultant to Bitmain.
It is unknown how many Bitmain expects to attract during its IPO in the United States, if approved. When earlier seeking for the approval of the IPO on the Hong Kong Stock Exchange (HKEK), Bitmain planned to raise about $3 billion. But the management of HKEK did not decide to approve the Bitmain's application.
It will take at least 1-2 months for SEC to review the Bitmain's application. According to one of Tencent News anonymous sources, the most likely obstacle to obtaining IPO approval in the United States is Bitmain's active participation in the bitcoin hard fork, which resulted in Bitcoin Cash birth.
On 28 October, Bitmain's competitor, Chinese mining equipment manufacturer Canaan Creative also filed for an IPO in the United States. Canaan expects to raise $400 million and enter the Nasdaq exchange listing under the ticker CAN.