Bitmain , one of the largest Bitcoin miner, has seen a tremendous price jump of 23% for Bitcoin Cash (BCH) after the mining company released plans for an initial public offering (IPO). China-based Bitcoin mining firm, announced that it will pursue to get listed on the Hong Kong stock exchange.
With a two day surge seeing BCH reach $528, the news of Bitmain’s IPO filing can only see the 4th largest digital asset with a market cap of 9 billion and a daily trading volume reach almost 1 billion, be pushed further towards a bright future.
With the cryptocurrency market experiencing recent reversal, Mati Greenspan, the senior market analyst at eToro commented:
“This spike was definitely caused by Bitmain’s IPO filing.”
Bitmain has been having a good two years, seeing it client base reach 80,000 versus the 6,000 it had in 2015. Bitmain’s spreadsheets also showed green, with a reported earnings of $2.52 billion in 2017 compared to the $137 million posted in 2015
Bitmain’s main investment is in Bitcoin Cash, however the company does hold Bitcoins, but with the IPO planned ahead, the company will definitely use the money generated to develop BCH. The IPO is expected to recover some of the ground lost since its all-time-high reached back in December 2017. This year has seen BCH down by 53%.
While most Chinese firms search for multiple sponsors and advisers to get on board for their listing, Bitmain has only sought out one bank, CICC, for their IPO.