Media: Bitmain’s main rival to go public

The Chinese miner maker under the Whatsminer brand, MicroBT, plans to conduct an initial public offering (IPO) on the U.S. Nasdaq exchange. According to 8btc, citing its own sources.

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The Shenzhen-based firm is currently the second-largest producer of mining equipment in the world after Bitmain.

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According to the publication, MicroBT weighed a listing as early as 2019; at that time, despite the bear market, the company was actively capturing market share from Bitmain.

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Market shares of leading mining-equipment manufacturers. Data: BitMEX Research.

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The listing plans were influenced by the lawsuit against founder Yan Czosin, initiated by Bitmain. The former employee of the company is believed to have had direct involvement in the commercial success of the flagship Antmainer S7 and S9. Yan Czosin left Bitmain in June 2016 after co-founders Jihan Wu and Micree Zhang refused him a stake in the company. A month later he founded MicroBT.

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According to 8btc, the company closed a $700 million funding round in January 2019.

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Halving, corporate war and the reshaping of spheres of influence: how mining changed in 2020

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In November 2019, Canaan conducted an IPO on Nasdaq, becoming the first major mining-equipment manufacturer to go public.

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In June 2020, Ebang International went public via Nasdaq listing.

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