By Ed Drake,
Chinese block reward miner manufacturer MicroBT is preparing for an imminent initial public offering (IPO) that could see the firm debut on the Nasdaq over the coming weeks, according to sources close to the company.
The manufacturer, which is responsible for the Whatsminer, is the world’s second largest mining hardware company after Bitmain. Its debut on the Nasdaq would mark another landmark for the crypto mining sector, bringing shares in the Shenzhen-based company to the investment mainstream, reports noted.
In listing, MicroBT is set to follow in the footsteps of other manufacturers to have launched IPOs in recent times, including Bitmain, Canaan Creative and Ebang International Holdings Inc.
The decision comes at a time of high demand for mining equipment. Despite increasing mining difficulty and the high demand on natural resources of the mining process, rallies in digital currency prices to new all-time highs have led to an increase in demand for mining rigs.
At the same time, a global shortage of mining equipment has been driving up prices of hardware from manufacturers such as MicroBT, with firms anticipating more commercial opportunities should digital currency prices continue to rise.
MicroBT has reportedly been considering a listing since 2019, in the face of a slump in market prices during the prolonged bear market conditions of the time. The subsequent reversal of sentiment in digital currency markets is thought to have spurred on the decision, with the firm keen to steal market share from rivals such as Bitmain.
The IPO is also thought to have been delayed by a legal action between founder Yang Zuoxing and Bitmain, his former employer before setting up MicroBT, with disputes over several IP issues ongoing.
Nevertheless, MicroBT looks set to debut in the coming weeks as the only major ASIC manufacturer not to have reported a loss in any recent quarters.
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Source : https://coingeek.com/miner-maker-microbt-rumored-to-be-close-to-ipo/