Bitmain’s IPO Filing Has Expired

Bitmain’s long-anticipated initial public offering (IPO) filing with the Hong Kong Stock Exchange is officially a bust.The mining titan’s IPO expired on Tuesday, March 26, 2019. Bitmain filed the application for its IPO on September 26, 2018, and the Hong Kong Stock Exchange had six months to decide whether to reject the filing, graduate it to a hearing stage or let it lapse.After half a year in limbo, the exchange’s inaction means the filing has officially expired.“Bitmain’s listing application to [the Hong Kong Stock Exchange] HKex in September 2018 has reached its [six]-month expiration date,” according to a press release that Bitmain shared with Bitcoin Magazine. “We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”Recent speculation surrounding the lofty IPO, which Bitmain reportedly hoped would raise a record $18 billion, assumed that the application would peter out as the deadline drew nearer without any indication that it would reach the next step in the filing process.The release continued to note that “the listing process has made the company more transparent and standardized.”At the very least, it’s brought the tenuous...