Blockchain and smart-contract platform Chia Network has secretly submitted a draft registration statement to the Securities and Exchange Commission, moving one step closer to a US initial public offering.
in friday Press releaseThe crypto startup revealed that it has submitted a draft registration statement on Form S-1 for its proposed IPO to the SEC.
Chia said the size and price range of the proposed IPO have not yet been decided.
The blockchain platform said that the IPO is “expected to begin after the SEC completes its review process.”
Founded by BitTorrent creator Bram Cohen, Chia provides a regulatory-compliant blockchain that sets the standard for digital currency infrastructure and inclusive access to global, decentralized finance.
The crypto startup raised $61 million in 2021 from investors including Richmond Global Ventures and Andreessen Horowitz, doubling its valuation in the funding round to nearly $500 million, as informed of by Bloomberg
At the time, Gene Hoffman, Chia’s president and chief operating officer, said the company was looking toward a traditional IPO to expand operations and clarify its regulatory environment.
“Our goal has always been to go public relatively quickly as this will better clarify our regulatory environment and allow customers to use the currency to hedge against public market volatility, which is different from other coins. “
Chia’s native token XCH is up more than 11% following the news.
At the time of writing, the coin was trading at $45.97, up 11.4% from the previous day. However, it is down 97% from its all-time high of $1,645.12 registered in May 2021.
More crypto companies aspire to go public
Besides Chia, several other crypto companies are also looking for public markets.
Jesse Powell, co-founder of cryptocurrency exchange Kraken Said The company was positioning itself for an IPO last September when he announced he was stepping down as CEO.
Earlier this week, Singapore-based bitcoin mining firm BitDeer Technologies Group announced it was going public after completing a merger with a special purpose acquisition company. The company originally planned to go public in November 2021.
With its Nasdaq listing, BitDeer joins crypto mining companies Riot and Marathon, both of which have previously gone public.
It is worth noting that crypto-related companies that have gone public have faced a number of challenges.
For example, Coinbase Global recently received a so-called “Wells Notice” from the SEC, threatening the crypto exchange with legal action with respect to some of its listed digital assets, its staking services Coinbase Earn, Coinbase Prime, and Coinbase Wallet. gives.