According to sources close to the venture, the Chinese block reward miner maker MicroBT is planning for an upcoming initial public offering (IPO) that could see the firm list on the Nasdaq over the coming weeks.
The producer in charge of Whatsminer is, after Bitmain, the second largest mining hardware business in the world. Another breakthrough for the crypto mining industry will be its debut on the Nasdaq, taking shares of the Shenzhen-based firm to the investment mainstream, reports noted.
In the listing, MicroBT is expected to follow in the footsteps of other producers, including Bitmain, Canaan Creative and Ebang International Holdings Inc., who have recently released IPOs.
The announcement comes at a time of strong demand for machinery for mining. Despite rising mining difficulties and the strong demand for mining process natural resources, rallies in the prices of the digital currency to new all-time highs have contributed to an increase in demand for mining rigs.
Around the same time, the global scarcity of mining equipment has pushed hardware costs from suppliers such as MicroBT up, with businesses expecting further market opportunities should the prices of digital currencies begin to increase.
In the face of a downturn in share prices during the extended bear market conditions of the period, MicroBT has officially been planning a listing since 2019. It is suspected that the resulting turnaround of sentiment in digital currency markets spurred on the decision, with the company willing to steal market share from competitors such as Bitmain.
A legal case between founder Yang Zuoxing and Bitmain, his former employer, before starting up MicroBT, is also thought to have hindered the IPO, with disagreements over many IP problems pending.
Nevertheless, as the only big ASIC maker who has not posted a loss in any recent quarters, MicroBT looks likely to debut in the coming weeks.