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Bitmain’s IPO filing officially lapses this week without Listing Committee hearing

Priya

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Bitmain's IPO filing officially expires this week, marks as failure without Listing Committee hearing
Source: Unsplash

Bitmain, one of the world’s largest Bitcoin [BTC] mining firms and Application-Specific Integrated Circuit [ASIC] chip producers, was in the news in 2018 following news surrounding an Initial Public Offering [IPO]. The mining firm is back in the spotlight yet again after Dovey Wan, Founding Partner at Primitive, pointed out that Bitmain’s Hong Kong Stock Exchange initial public offering filing would expire this week on 26 March, 2019. She stated,

“Wow, just randomly checked the calendar and found: Bitmain’s HKex IPO filing will officially expire on coming Monday (was initially submitted on Sep 26th 2018), which will officially mark the failure of its IPO attempt RIP Bitmain HKex IPO”

She further added,

“There is a 6 months window for an IPO filing to be moved into IPO hearing stage, if the hearing does not happen in 6 months it will automatically expire Bitmain’s next attempt can be NASDAQ but it needs to find another underwriter, and fix its financials”

Bitmain however, did not address the issue on its official platform. The official filing for the IPO was made on 16 September, 2018 and so far, there have been no reports pertaining to the Committee hearing. In December 2018, a report by South China Morning Post had stated that the mining firm was seeking to raise over $3 billion through this Initial Public Offering.



It also stated that according to the Hong Kong Stock Exchange’s listing rules, a six-month window [closed-door hearing] for all listing applications was given. In this timeframe, the Listing Committee decides whether to approve or disapprove the listing after their queries are cleared. If this did not happen, the listing would formally lapse. Further, regulators have expressed their concerns over approving fundraising plans for a cryptocurrency-based business “before proper rules are in place.”‘

Additionally, Samson Mow, the CSO of Blockstream, commented on Bitmain’s IPO, stating that “it is incredibly risky” for an investor because of concerns of BCH investment.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Basic Attention Token surges by over 6% as Ad Launch nears

Namrata Shukla

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Baisc Attention Token surged by over 6% over ads launch hype
Source: Pixabay

The cryptocurrency market appears to be bleeding, however, few altcoins have reported small surges over the past few days, like Basic Attention Token [BAT].

The coin, on April 18 when the entire market was mostly red, surged by over 10% and was trading at $0.3618, its all-time high since July 2018. On April 20, BAT reported a growth of over 6% and was valued at $0.3947, breaking its immediate resistance.

Source: CoinMarketCap

Source: CoinMarketCap

BAT reported a market cap of $493 million and a 24-hour trading volume of $57 million. The coin noted a 6.47% rise in its price over the past day and reported a seven-day surge of 31.20%. BAT continued to register a growth of 1.18% over the past hour.



Crypto-enthusiasts speculate the reason for the surge in prices to be the launch of advertisements on the Brave Browser this month. The BAT token is essentially based on entertainment and can be obtained through a variety of advertising and attention-based services on its platform. According to Twitter user @CryptoNilla,

“They are about to launch ads this month hence the pump.”

BAT was highly traded on ZB.COM exchange as it noted a volume of $8 million via the BAT/USDT pair. The second place was taken by Binance, the largest cryptocurrency exchange as it reported a trading volume of $7 million via the BAT/BTC pair. IDCM was on the third place with $6 million in volume via the BTA/BTC pair.





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