Eco-Friendly Crypto Startup Chia Network Pursues US IPO with Confidential Filing

Blockchain and clever-agreement platform Chia Network has confidentially submitted a draft registration statement to the Securities and Exchange Commission, shifting a step in the direction of a US preliminary public presenting.

In a Friday press launch, the crypto startup found out that it has submitted a draft registration announcement on Form S-1 for a proposed IPO to the SEC.

Chia brought that the scale and fee range for the proposed IPO has now not been decided but.

The blockchain platform said that the IPO “is expected to start after the SEC completes its assessment method.”

Founded by BitTorrent author Bram Cohen, Chia gives regulatory-compliant blockchain setting the same old for the infrastructure of virtual currency and inclusive get entry to to international, decentralized finance.

The crypto startup raised $sixty one million from traders along with Richmond Global Ventures and Andreessen Horowitz back in 2021, doubling its valuation to approximately $500 million within the funding round, as said by Bloomberg.Aside from Chia, a number of other crypto corporations have also been angling for the public markets.

Jesse Powell, the co-founding father of cryptocurrency alternate Kraken, stated the company was positioning itself for an IPO in September last yr while he introduced that he’s stepping down from his position as CEO.

Earlier this week, Singapore-primarily based Bitcoin mining company Bitdeer Technologies Group introduced that it is going public after completing a merger with a unique-cause acquisition enterprise. The business enterprise at first planned to go public in November 2021.

With its Nasdaq listing, Bitdeer joins crypto mining businesses Riot and Marathon, both of which have formerly long past public.

It is well worth noting that crypto-associated corporations which have long gone public have faced numerous challenges.

For instance, Coinbase Global has lately obtained a so-called “Wells observe” from the SEC, which threatens the crypto alternate with felony actions concerning a number of its indexed digital assets, its staking provider Coinbase Earn, Coinbase Prime, and Coinbase Wallet.