Chia Network files for US IPO

Blockchain company Chia Network, Inc. confidentially filed with the U.S. Securities and Exchange Commission (SEC) an S-1 registration statement for an IPO.

“The initial public offering is expected to commence after the SEC completes its review process, depending on market and other conditions,” the press release said.

The size and price range of the proposed offering have not yet been determined.

The CHIA cryptocurrency rose 11.8% on the news, according to CoinGecko. The current price of the asset is $44.36.

The Chia Network, created by Bram Cohen, author of the BitTorrent protocol, uses the Proof-of-Space and Proof-of-Time consensus algorithms. In April 2021, amid a surge of interest in the coin, miners created a local shortage of HDDs and SSDs in China.

CHIA was positioned by its creators as an environmentally friendly cryptocurrency. They explained this by noting that hard drives and solid-state drives are easier to find for sale and they consume far less energy.

Back in May–September 2021, the coin’s price fell 85% and sparked widespread sell-offs of HDDs and SSDs used to mine it.