What Bitmain’s IPO application lapse means for the Hong-Kong based firm?

• Bitcoin is making changes to improve its global business including workforce cuts.
• Bitmain will be refiling the application at a later date.

A report by Bloomberg indicates that Bitmain, the mining Behemoth left its IPO application to lapse on the Hong-Kong stock exchange. The application was filed in September 2018 and was to expire after six months. The report said that the company will be refiling the application at a later date. A press release to that effect says:

“We do recognize that despite the huge potential of the cryptocurrency and blockchain industry, it remains a relatively young industry which is proving its value. We hope regulatory authorities, media and the general public can be more inclusive to this young industry.”

In the press release, Bitmain announced the appointment of a new CEO, Haichao Wang. Moreover, the firm confirmed the expired application “huge potential of the cryptocurrency and blockchain industry,” which “remains a relatively young industry which is proving its value.”

“We hope regulatory authorities, media, and the general public can be more inclusive to this young industry. We will restart the listing application work at an appropriate time in the future.”

The statement continued to say it is making changes to its workforce detail the cut “was a difficult but necessary decision as we continue to build a long-term, sustainable and scalable business.”

As far as the bear market is concerned, Bitmain says that it has put up,” and also “integrated the resource lines for chip design, hardware and software to provide more effective support for our key business lines and to allocate premium resources to our major and key projects.”