MicroBT, the Second Largest Bitcoin Miner Manufacturer, is Reportedly Eyeing a Nasdaq IPO
MicroBT, the second largest Bitcoin miner manufacturer after Bitmain, is apparently planning to launch an IPO on Nasdaq. According to 8btc, which first reported this development, sources familiar with the matter revealed that MicroBT might actually be going public sooner rather than later.
Going off this information, MicroBT will join other Chinese Bitcoin miner manufacturers that have already debuted in the U.S equity markets to increase their capital base. This move would be an upside to MicroBT given Bitcoin’s increasing price and a corresponding spike in demand for Bitcoin mining equipment.
Colin Wu, a Chinese crypto-focused journalist, tweeted that MicroBT’s value could skyrocket to surpass tens of billions,
“Whatsminer, the second-ranked bitcoin mining machine manufacturer, is preparing to go public on the Nasdaq to obtain more funds to buy Samsung chips to make more machines, three sources told Wu Blockchain. After it goes public, the market value may exceed tens of billions.”
The firm has been contemplating going public for the past two years, having floated the idea in early 2019 during the long crypto winter. It now seems that MicroBT might be forging ahead with this plan in an effort to scale its operations, working together with Samsung as the chip provider.
Meanwhile, it has not been an easy journey for MicroBT throughout its few years of existence. The firm’s founder Yang Zuoxin faced legal pressure in 2019 from his former employer, Bitmain; in fact, he was arrested at some point, having been sued for the infringement of trade rights.
The woes began when Yang left Bitmain in 2016 and set up MicroBT as a competitor to Bitmain. At the time, he wanted to be allocated shares for contributing to the development of Antminer S7 and S9. However, Bitmain co-founders Micree Zhan and Jihan Wu were not willing to allocate Yang a stake.
Wu blockchain reported that Yang seems to suggest the conflict with Bitmain was recently resolved; nonetheless, MicroBT is still facing another legal confrontation with Ebang over the Asicboost patent.