Chia, based in South San Francisco, has positioned itself as the developer of a more environmentally friendly, less energy-intensive blockchain that relies on hard drives, including recycled ones, …
Crypto startup Chia Network Inc. indicated Friday that it has moved a step closer to a US initial public offering. The company said that it has confidentially submitted a draft registration statement to the Securities and Exchange Commission.
The company, which was valued at about $500 million in 2021, said in the announcement that the size and price range for the proposed IPO have not been determined yet. Chia didn’t immediately respond to a request for comment. Gene Hoffman, who was appointed as chief executive officer of Chia this year, told Bloomberg in January that the startup didn’t plan on going public in 2023 because it didn’t think the market would be “open” for them.
Chia joins other digital asset companies angling to go public. Jesse Powell, the co-founder of cryptocurrency exchange Kraken, said that his company was positioning itself for a potential public listing when he announced that he was stepping down as CEO. Bitcoin miner Bitdeer Technologies Holding Co. started trading on the Nasdaq on Friday, after completing a merger with a special-purpose acquisition company.
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