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Chia Network Files for IPO With SEC, Eyes Public Listing – Bitcoin News
On Friday, Chia Network Inc. announced that it had filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will launch its initial public offering after the US Securities and Exchange Commission approves the filing.
Bittorrent Creator’s Chia Aims for an IPO
Bram Cohen’s Chia network intends to go public and took a step in that direction on Friday 14 April 2023, when the firm filed a Form S-1 filing with the SEC. The blockchain and cryptocurrency project, launched in 2018, leverages storage for consensus through a mechanism called Proof of Space and Time (PoST), as opposed to Bitcoin’s proof-of-work (PoW). PoST uses hard disk space as the basis for its consensus algorithm. Chia’s COO Gene Hoffman indicated that the company had been focused on an IPO since May 2021.
On April 14, Chia announced that it had confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission for the proposed initial public offering of its common stock. Chia’s move follows a number of crypto tokens being declared unregistered securities by the SEC. Chia has raised a total of $71.12 million and reached $61 million in May 2021, in a Series D funding round led by Andreessen Horowitz and Richmond Global Ventures.
Chia’s native token XCH rose 14.2% on the news, and in the past 24 hours has traded in a range of $39.56 to $45.38 per coin. Over the last seven days, Chia’s XCH has traded up 19.3% against the US dollar. However, XCH is 97% lower than the record it set on May 15, 2021, when it reached $1,645 per unit. At the time of writing, XCH has a market cap of around $317 million and is ranked number 143 among thousands of other crypto market caps.
What do you think of Chia’s decision to go public with an IPO? Share your thoughts on this topic in the comments section below.
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