Bitmain Technologies revives IPO plan as bitcoin climbs one-year high

Bitmain Technologies, the world’s biggest producer of cryptocurrency mining chips, is reviving plans for an initial public offering (IPO) as bitcoin climbs to a one-year high, people with knowledge of the matter said.

The company is working with advisers on preparations for a US share sale that could take place as soon as the second half of this year, the people said. Bitmain aims to file listing documents with the US Securities and Exchange Commission as soon as next month, the people said.

Bitmain, which was valued at about $15 billion in a private funding round last year could raise about $300 million to $500 million from the US share sale, though it hasn’t finalised the amount it wants to seek, the people said.