Hong Kong regulators say cryptocurrency-based IPOs aren’t all they’re cracked up to be. As cryptocurrency is still a relatively new venture, many believe that IPOs in the crypto space are premature, which raises questions regarding Bitmain’s latest project.
The Chinese mining giant has said that it would like to raise upwards of $3 billion by the time the IPO ends in late March of 2019. However, Hong Kong’s stock market regulator and operator has shown reluctance when it comes to giving the “okay” to the IPO due to lagging regulation. Legislation surrounding the IPO is still being drafted, and many are concerned about whether this is the right time for such a venture.