Chia Network says it submitted IPO registration to SEC after leadership shuffle

The Chia Network blockchain said April 14 that it had submitted a connection for an archetypal nationalist offering (IPO) to the United States Securities and Exchange Commission (SEC). The size and terms scope of the offering person not been determined, the company said. The connection was submitted confidentially and the announcement was made nether a Securities Act of 1933 regularisation to let constricted accusation to beryllium released to measurement capitalist response.

The Chia Network is simply a decentralized astute declaration level that uses a caller statement protocol based connected information retention space. It claims the web has little vigor depletion than blockchains that usage proof-of-work statement and is capable to reutilize worn retention hardware. BitTorrent laminitis Bram Cohen created the Chia Network successful 2017.

Despite immoderate questions astir the network’s greenish claims, the institution raised $61 cardinal successful a backing round in 2021 with backers that included Andreessen Horowitz, Richmond Global Ventures and different task capitalists. The institution was reportedly valued astatine $500 cardinal astatine that time.

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Cohen served arsenic Chia Network CEO until January, erstwhile helium transitioned to the roles of president and main exertion officer. Cohen was replaced arsenic CEO by Gene Hoffman, who moved up from main operating officer.

Hoffman told Bloomberg astatine the clip of his promotion that the institution would record for an IPO “soon,” but helium did not foresee the offering taking spot this year. “This marketplace is not going to beryllium unfastened for us,” helium said.

The crypto marketplace reacted positively to the Chia Network announcement, with the autochthonal Chia (XCH) token rising from $40.68 astatine the opening of the U.S. workday to $45.35 astatine the clip of writing, according to CoinMarketCap.

Meanwhile, Singapore-based crypto miner Bitdeer made its premier connected Nasdaq connected April 14, successful a much-delayed determination that has been successful the works since 2021. Bitdeer shares fell 18% successful trading by 9:33 a.m. that day.

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