Bitmain Technologies has abandoned its IPO enthusiasm after the company’s Hong Kong stock market proposal listing expired earlier this week, sparking debate on the future of the entire cryptocurrency market.
The company did say that it plans to reapply at an appropriate time in the future, saying that “despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value.”
Bitmain IPO Abandonment
The bitcoin mining giant attracted $700 million from investors in Asia leading up to its much-anticipated initial public offering, which has spurred rumors that investors will be filing a class-action lawsuit against the company. Whether or not this lawsuit will come to fruition remains to be seen.