The lapse follows rumors that Bitmain's P&L has inverted from highly profitable to unprofitable in the back half of 2018. The company's future IPO plans remain uncertain.
Bitmain Technologies Ltd., the world’s biggest producer of cryptocurrency mining chips, has let its application for Hong Kong initial public offering lapse. The virtual currency mining firm’s listing application, which was initially filed in September, expired on Tuesday, according to the Hong Kong stock exchange’s website. The Beijing-based company was targeting to raise as much as $3 billion, Bloomberg News has reported.