Plans for Blockbuster Cryptocurrency IPO Shelved Amid Bitcoin Slump 27 March 2019

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Plans for blockbuster cryptocurrency IPO shelved amid bitcoin slump 27 March 2019 Bitcoin experienced astonishing growth in 2017 to peak at a record US$19,500 by the end of that year. But investors feared a speculative bubble and it has since crashed to stand at about $3,980 per unit following months of volatile trading. The virtual bubble burst—followed by what has become the worst slump in years—has made mining operations practically unprofitable. Bitmain's co-founders Micree Zhan and Jihan Wu became the richest cryptocurrency billionaires to appear on a list by Hurun Report last year of The price of bitcoin has plunged since highs of nearly China's wealthiest people. $20,000 in 2017 The entrepreneurs have stepped down from their roles as CEOs and were replaced by Haichao Wang, the statement said, but it added the pair The world's largest maker of cryptocurrency mining would continue to guide the company's strategic chips has shelved plans for an ambitious initial development as directors. public offering in Hong Kong, becoming the latest victim of bitcoin's price plunge. In addition to a leadership reshuffle, the announcement also alluded to layoffs made at the Bitmain Technologies said Tuesday it has allowed end of last year and described them as "a difficult its IPO application to lapse, six months after it was but necessary decision". initially filed in September aiming to raise up to $3 billion, according to Bloomberg News. It did not say how many employees were affected. Under Hong Kong's listing rules, applications Other manufacturers have faced similar hurdles expire half a year after filing. recently. "We do recognize that despite the huge potential of Bitmain's rival Canaan saw its listing application the cryptocurrency and blockchain industry, it expire in November. remains a relatively young industry which is proving its value," the Beijing-based company said Mining chip maker Ebang is still pursuing a Hong on its blog on Tuesday. Kong IPO after refiling its application in December. "The bear market at the end of 2018 brought both © 2019 AFP challenges and opportunities that Bitmain will work hard at addressing in 2019," it said, adding it would restart its application "at an appropriate time in the future". 1 / 2 APA citation: Plans for blockbuster cryptocurrency IPO shelved amid bitcoin slump (2019, March 27) retrieved 28 September 2021 from https://phys.org/news/2019-03-blockbuster-cryptocurrency-ipo- shelved-bitcoin.html This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. 2 / 2 Powered by TCPDF (www.tcpdf.org).

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