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.
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.
Chia’s native token XCH rose more than 14% on news of the IPO.
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.
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Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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