On Friday, Chia Network Inc. announced that it has filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) to file for an initial public offering (IPO). The blockchain network company founded by Bittorrent creator Bram Cohen will initiate the IPO after the US Securities and Exchange Commission approves the filing.
Chia from Bittorrent Creator is aiming for an IPO
Bram Cohen’s Chia Network intends to go public and took a step in that direction on Friday, April 14, 2023, when the firm filed an S-1 with the SEC. Launched in 2018, the blockchain and cryptocurrency project uses storage for consensus through a mechanism called Proof of Space and Time (PoST), as opposed to Bitcoin’s Proof-of-Work (PoW). PoST uses disk space as the basis for its consensus algorithm. Chia’s COO Gene Hoffman indicated that the company has been focused on an IPO since May 2021.
Chia’s native token XCH surged more than 14% following the news of its IPO.
On April 14, Chia announced that it had confidentially filed a draft registration statement on Form S-1 with the Securities and Exchange Commission for the proposed public offering of its common stock. Chia’s move follows a series of crypto tokens being declared unregistered securities by the SEC. Chia has raised a total of $71.12 million in a Series D funding round led by Andreessen Horowitz and Richmond Global Ventures and raised $61 million in May 2021.
Chia’s native token XCH is up 14.2% on the news, trading in a range of $39.56 to $45.38 per coin over the past 24 hours. Over the past seven days, Chias XCH is up 19.3% against the US Dollar. However, XCH is down 97% from the all-time high it hit on May 15, 2021 when it touched $1,645 per unit. At the time of writing, XCH has a market cap of around $317 million and ranks 143rd among thousands of other crypto market cap metrics.
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What do you think of Chia’s decision to go public via an IPO? Do share your thoughts on this topic in the comments section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.
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