Bitmain Quietly Files for Deutsche Bank-Backed IPO in the US

China-based mining titan Bitmain Technologies has discreetly filed an application for an Initial Public Offering with the United States Securities and Exchange Commission.

According to an Oct. 29 report from Tencent News citing anonymous "Informed sources," German multinational Deutsche Bank is sponsoring the application.

Deutsche Bank reportedly sponsoring the application.

Tencent News further reports that the IPO plans have been dominated by Bitmain co-founder Jihan Wu and Chief Financial Officer Liu Luyao.

To bolster chances of success, the firm has purportedly hired Zheng Hua, former Nasdaq representative for China, as a consultant to the firm.

The SEC's review process will reportedly entail three rounds of inquiries and last an estimated minimum of 1-2 months.

The source claimed that the company's connection to the Bitcoin fork Bitcoin Cash is likely to be the largest obstacle facing the application.

Industry onlookers will remember Bitmain's earlier, ill-fated attempt to file a major $3 billion IPO on the Hong Kong Stock Exchange in September 2018, which lapsed after multiple controversies this March.

This week has been another eventful week for Bitmain with Jihan Wu revealing that fellow co-founder Micree Ketuan Zhan had left the company amid signs of internal company drama.

On Oct. 28, rival Chinese mining firm Canaan Creative filed for an IPO with the U.S. SEC to raise $400 million, eyeing a listing on Nasdaq under the ticker CAN. Earlier this month, Bitmain opened what it claims is the "World's largest" facility for Bitcoin mining in Rockdale, Texas.