Category Archives: IPO

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INX Limited Announces Effectiveness of Security Token IPO 

22nd August, 2020, NEW YORK, United States – INX Limited today announced that the Securities and Exchange Commission (SEC) has declared as effective its registration statement on Form F-1 filed in connection with the initial public offering (the “Offering”) of up to 130 million INX Security Tokens (the “INX Tokens” or “Tokens”).  

 

INX has set the Offering price at $0.90 per Token with a minimum investment of $1,000.  It is anticipated that the offering will begin on August 25, 2020 at 10am Eastern Daylight Time at https://token.inx.co/.

 

INX intends to use a portion of the net proceeds raised from the sale of INX Tokens in the Offering for the continued development and operation of INX Trading Solutions, a regulated solution for the trading of blockchain assets, including cryptocurrencies, security tokens, and their derivatives, and for the establishment of a cash reserve fund.   

 

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (SEC) on August 20th, 2020. Copies of the registration statement can be accessed by visiting the SEC website at this page or this page. The offering is being made only by means of a prospectus. A final prospectus describing the terms of the offering has been filed with the SEC and forms a part of the effective registration statement. 

 

Copies of the final prospectus relating to the Offering may be obtained for free by visiting EDGAR on the Securities and Exchange Commission’s website at www.sec.gov (click here). Alternatively, copies of the final prospectus may be obtained for free by sending an email to INX at [email protected].  

 

About INX Limited 

INX Limited, a Gibraltar-based private company formed in 2017, is developing INX Trading Solutions, a single entry-point for our customers for the trading of cryptocurrencies, security tokens, and their derivatives. 

 

Media Contact Details

Contact Name: Alona Stein (For INX) 

Contact Email: [email protected]

 

This press release is not a prospectus and does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such offer or solicitation of sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933.  No securities regulatory authority has either approved or disapproved of the contents of this press release.  

 

INX Limited is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.

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Bitcoin Mining Rig Maker Canaan Seeks $100 Million US IPO

Canaan, a Bitcoin mining technology manufacturing company based in Hangzhou, China, is aiming to become the first public company in the cryptocurrency mining sector via a USD 100 million initial public offering (IPO) in the United States. This is according to an amended application filing submitted to the Securities and Exchange Commission (SEC). The USD 100 million IPO price is actually a downward revision from an IPO price of USD 400 million when the application was first submitted to the SEC in late October.

Canaan is the second-largest manufacturer of cryptocurrency mining rigs and is the primary rival of Bitmain. Aside from producing mining technology, Canaan also produces artificial intelligence (AI) technology and supercomputers.

Notably, Canaan has tried before to go public via an IPO in both China and Hong Kong. These attempts were rejected by regulators due to market uncertainty. Likewise, Bitmain has tried to launch an IPO as well, but the 2018 crypto bear market caused its application to be rejected.

It remains to be seen if the SEC will accept Canaan’s application, and the IPO price may be lowered further before a final listing occurs, especially because regulators are more likely to approve the IPO if it raises less money since that is equivalent to less risk for investors.

 

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Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

Bitmain IPO Dream Sinks Further After 2018 Q3 Earning Reports

According to Coindesk, cryptocurrency mining rig manufacturer Bitmain lost USD 500 million during its Q3 financials due to a prolonged bear market, citing a recent update on its financial results to the Hong Kong Stock Exchange (HKEx).

According to a source, the company fell short of its quarterly earnings by as much as USD 500 million. In a previous report it submitted to the exchange, it reported earnings for the first half of the year as having USD 1 billion as profits.

The company’s portfolio had reportedly dropped in valuation by as much as USD 100 million at the end of the third quarter compared to the beginning of the quarter. Being a major stakeholder in the Bitcoin Cash fork, it held a lot of stake in the asset, however, the market downturn had severely traumatized the price of the asset to as much as a 70% loss. Its other major assets holdings like Bitcoin, Ether, Litecoin, and Dash had lost 39%, 67%, 42.68%, and 64.31% respectively.

Bitmain had filed for an initial public offering (IPO) with HKEx in August 2018 to allow it list its shares with the exchange which may possibly improve its financials. However, the company has experienced many constraints on all sides. On the part of the exchange, it had claimed that the industry is still immature for such a leap, and the resulting earnings report for Bitmain further buttresses its point.

For months, many crypto-related ventures have been up against an uphill battle of weathering the storm stirred by the bearish market of 2018. For the most part of the year, aspirations to return to the all-time high seasons gradually waned, instead, many companies began to adjust. For Bitmain, it had to deal with the internal restructuring that saw a reshuffling of management staff, office closures of subsidiaries, and layoffs of its staff.

The chances of Bitmain’s IPO to gain approval from HKEX gets slimmer with the numerous challenges besetting the mining hardware giant.

 

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Coinbase Shoots Down IPO Plans, Plans 300 Crypto Listings

The President and Chief Operating Officer (COO) of prominent US-based cryptocurrency exchange platform Coinbase shared in an interview on Wednesday that there were no plans for an initial public offering (IPO) any time in the near future.

Instead, Coinbase will reportedly be focusing on a number of new diversifications, including listing up to 300 different coins.

Speaking to Bloomberg, Asiff Hirji responded to questioning regarding whether a Coinbase IPO was on the cards for 2019, saying, ”There’s not going to be an IPO any time soon. We have so much to do.” This shot down rumors stirred by CNBC host Ran Neuner in a Twitter post last week.

Hirji, who himself first brought up the potential for an IPO in 2017, does not rule out taking the company public when the time is right, although says diversifying revenue streams and adding more features to the platform is the top priority right now.

Bringing up the topic of expanding Coinbase’s cryptocurrency listings, the COO revealed plans to multiply the current standing of seven listings up to somewhere between 200 and 300 in the next year. Some of these will be offered in the US but the majority will be offered outside of the country, he shared, because of the Security and Exchange Commission’s (SEC) strict regulatory guidelines.

Another key area in future diversification Hirji pointed to was areas of the business that caters to institutional investors.

Over time, Hirji expects ”Coinbase institutional”, as Bloomberg’reporter referred to it, to become a large chunk of the company’s revenue source, ”more than its fair share”. Coinbase’s revenue model is right now 100% transactional, while diversification efforts could provide new avenues, such as fee-based custody services adding more stability and predictability to the revenue stream.

Upon completion of a new funding round that raised USD 300 million, Coinbase Inc is now valued at approximately USD 8 billion.

 

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Bitmain Files For IPO, Publishes Profits, Business Structure

Bitmain has officially filed for its initial public offering (IPO) with the Stock Exchange of Hong Kong. The application is heavily redacted; redactions include the estimated size of the IPO and timetable, but there is still plenty of information in the 300-page report on its earnings and business model. Past reports, based on pre-IPO funding rounds, suggest the Bitmain IPO will net USD 18 billion, and overall, this will be a milestone for the crypto space.

Bitmain is the largest manufacturer of crypto mining equipment in the world, and getting publicly listed on the stock exchange would make it one of the obvious ways for people to invest in crypto infrastructure. According to the filing, Bitmain accounted for 74.5% of global application specific integrated circuits (ASICs) crypto mining rig sales in 2017, and it has only been growing since then. In 2017, its net profit was USD 952.6 million, and profits have nearly doubled since then to USD 952.2 million in the first half of 2018 alone. Revenue was USD 2.518 billion in 2017, and the first half of 2018 outpaced this at USD 2.846 billion of revenue.

In the first half of 2018, most of Bitmain’s revenue, USD 2.684 billion, was from the sale of mining hardware. Its in-house mining operation produced USD 94 million of crypto. Bitmain runs two of the largest Bitcoin mining pools, Antpool and BTC.com. These pools account for over a third of Bitcoin’s mining hash rate and generated USD 43 million of revenue in the first half of 2018. Bitmain also manages mining farms for clients, and this has generated USD 22 million of revenue in the first half of 2018.

Additionally, Bitmain is one of the few companies in the world developing artificial intelligence (AI) chips, with its primary competitors being Google and NVIDIA. It is unclear if this is producing them any money at this point though. Bitmain’s combination of blockchain technology and AI technology could be very profitable long term.

Bitmain has USD 3.16 billion of assets according to the filing but also USD 1.55 billion of liabilities. At the end of the first half of 2018, Bitmain had USD 886.9 million of crypto assets, including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, and Dash. This puts the company in a strong position long term to profit from increasing crypto prices, and makes its stock an indirect way to invest in the crypto markets.

The Securities and Futures Commission has to approve Bitmain’s application before an IPO occur, and when the decision finally comes that will certainly be major news that could cause movements in the crypto market. It is generally expected that the application will be approved and the IPO will occur by Q1 2019 at the latest.

 

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Stock and Crypto Exchange Robinhood Aiming For IPO

Popular stock and crypto trading app Robinhood is planning on going public on the stock exchange with an initial public offering (IPO). Robinhood has been offering zero fee crypto trading since its crypto services launch, causing it to amass users quickly, and now it has over 5 million crypto traders using the platform. If Robinhood were to succeed at getting publicly listed, it would be the first crypto related exchange in the world to have a publicly tradeable stock, a major milestone.

The caveat with Robinhood is it doesn’t offer spot crypto trading. Users can’t withdraw any crypto to their own wallets from Robinhood. Robinhood seems to suggest that the crypto assets in Robinhood accounts are real, but there is no explicit guarantee that Robinhood actually has crypto reserves for all of their crypto balances, they might be using a mix of cash and crypto to back crypto balances. That’s why it is prudent to say this is the first crypto related exchange to get a public stock if successful since Robinhood cannot be considered an actual crypto exchange at this time. That being said, Robinhood’s support page says they want to add crypto withdraws in the future, which would make them a real spot crypto exchange. There is no sign of this happening yet though.

One very important point about this is if Robinhood isn’t backing all of their balances with actual crypto, then they are generating paper crypto. Paper crypto is extremely bad for crypto prices since it takes demand away from spot crypto markets, and therefore crypto prices end up being lower long-term as demand is being diverted into paper crypto which does not impact spot price.

Robinhood has conducted some extremely successful funding rounds leading up to this IPO. In April 2017 Robinhood raised USD 110 million in a series C funding round, giving the company a valuation of USD 1.3 billion. In February 2018 Robinhood conducted a series D funding round and raised USD 363 million, further raising the valuation to USD 5.6 billion. There will likely be at least one more funding round before the IPO, which will force Robinhood’s valuation even higher.

Robinhood has been undergoing constant audits from the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in preparation for the IPO. Additionally, Robinhood is seeking a Chief Financial Officer (CFO).

If Robinhood’s IPO is successful, and it appears it will be, the billions of USD generated by the IPO will put Robinhood in a position to become a global stock and crypto powerhouse. Robinhood might be considered a small time crypto exchange now, and perhaps not even a real crypto exchange, but that could drastically change after the IPO.

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First Crypto Company Listed on the London Stock Exchange is Now Active

Crypto mining firm, UK-based Argo Mining — first cryptocurrency company to be listed on the London Stock Exchange (LSE) is now active.

Argo, which provides “accessible” crypto mining via a subscription service has raised £25 million (about $32.5 million) through an Initial Public Offering (IPO) on the LSE, exceeding its fundraising target by £5 million (about $6.5 million).

Company documents have stated that the newcomer began its life on the LSE with roughly 156 million shares priced at 16p, bringing Argo’s evaluation to £47 million pounds (about $61.2 million). Its website offers three packages covering three levels of mining power provisions, which has all been sold out. The company supports BTG, ETH, ZEC, and ETC.

London-headquartered firm Argo works on a subscription-based model, with its cryptocurrency mining operations based in Quebec, Canada, active since last year. This has become a popular location for mining farms due to optimal climate and energy cost conditions. Argo has plans to expand operations to Iceland and China, both of which benefit from cheap electricity costs and a cold climate.

Executive Chairman Jonathan Bixby stated that:

“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy” adding, “We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”

Bixby suggests that he would like to see the company become the “the Amazon Web Services of crypto.” Argo had released its crypto mining subscription service in June after gaining the necessary approval to list on the stock exchange in May.

The Chairman referred to the fact that industrial-scale elites have 90% of the crypto mining sector covered due to its technical requirements, adding “It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”

Bitcoin News reported yesterday that Canaan Creative applied for an IPO earlier this year in Hong Kong with the hope of raining in a significant starter fund. At present, Canaan needs to keep one eye on its competitor Bitmain which at present has a huge 70% of the global Bitcoin mining device market.

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Canaan Crypto Mining TV Launched to Catch Bitmain’s Market

The so-called world’s first ever crypto mining TV has just been born, courtesy of the one of the largest makers of Bitcoin mining equipment, Canaan Creative.

South China Morning Post has reported the launch, which the company has stated is a step towards creating a new generation of devices which are linked to blockchain and IoT.

The device is marketed as a smart TV with a difference, enabling the user to tap into a processing output of 2.8 trillion hashes per second. Given that a made-for-purpose rig manufactured by the company can process 11 trillion hashes per second, this is still pretty significant for a TV.

The device is marketed as “AvalonMiner Inside”, although how the company connects their new device to the mystical isle associated with Glastonbury is anyone’s guess. Miners though, if not impressed by the name, will certainly have much to marvel at, according to Canaan. Such features as voice control, real-time Bitcoin mining profitability display and a digital tether to Canaan’s platform allowing users to pay for extras using mined coins.

The project has received some scorn, notably from Bitcoin analyst Xiao Lei who said: “It looks more like hype. It will be more meaningful if these companies are able to embed the mining function into existing major TV brands.”

There is absolutely nothing to say that this may be the way the future takes media hardware.

Canaan applied for an Initial Public Offering (IPO) earlier this year in Hong Kong with the hope of raining in a significant starter fund. At present, Canaan needs to keep one eye on its competitor Bitmain which at present has a huge 70% of the global Bitcoin mining device market. When the company applied for the IPO it stated:

“If we cannot maintain the scale and profitability of our single line of system products and, at the same time, offer new products, our ability to continue to grow will suffer.”

To this end, the company has expressed that it intends to follow up AvalonMiner Inside with further innovations, and break away from simply manufacturing mining chips.

 

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Blockchain Company R3 Mulls IPO

R3 has announced considerations of launching an initial public offering (IPO). Advisors are being consulted regarding the viability of an IPO, as several potential buyers have already approached the company. The final decision lies on the shoulders of R3’s founder and CEO David Rutter, with input given from R3’s investors.

R3 is a blockchain collaboration of sorts, with over 200 members participating. Companies involved in this ecosystem range from tech giants like Intel and Microsoft to established financial institutions like US Bancorp and Wells Fargo, illustrating a unique mixture of what the Fintech sector has to offer.

The company also has an offering being used by some select partners, known as the Corda platform. An open source version is available and is also R3’s main source of revenue, as it also offers a commercial version.

While no definite plans of an IPO have been made, if the blockchain company follows through, it could have serious implications for the course of the company after going public.

As investors have a say in how the company operates through voting and other mechanisms, what things R3 focus on in the future could be completely different from those it would pursue if it were to remain a private corporation.

Not only could this force R3 to make something profitable rather than innovative, members of the platform may even begin to leave. Goldman Sach Group and Banco Santander left the group a couple years ago, and others may follow suit if potential new management doesn’t align with current member interests.

On the other hand, going public may do favors not only for the company but for cryptocurrency. By going public, many institutional investors may have to finally take cryptocurrency seriously. While the sentiment is beginning to change, it’s hard to ignore an IPO with the endorsement of over 200 proven companies, ranging from blue-chip stocks to household names.

R3 may be able to receive huge amounts of funding in the process, and cryptocurrency’s brand image could receive a positive makeover.

The blockchain company’s mission from the start is to “deliver a blockchain solution for the widest possible business community”, so any choice made will be with this in mind.

 

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