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Bitmain IPO Application Fails to Impress – Set to Expire Today

Bitmain ipo application fails to impress – set to expire today

Bitmain IPO Application Fails to Impress – Set to Expire Today

Bitmain ipo application fails to impress – set to expire today

After six months of inactivity, the Bitmain IPO is set to expire bringing to a close another difficult chapter for the beleaguered cryptocurrency mining behemoth.

Bitmain IPO: Dead on Arrival

The Bitmain Technologies application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) expires today, Monday (March 25, 2019).

Exactly six months ago, Bitcoinist reported that the company had published its first ever public financial information disclosure as part of its IPO filing.

Reports indicate that regulators at the HKEX remained unconvinced of the company’s business model and thus refused to approve the IPO. Back in 2018, Canaan, one of Bitmain’s competitors was also unable to go forward with its IPO filing on the HKEX.

According to the listing requirements as stated by the HKEX, IPO applications that fail to move to the “hearing stage” within six months, automatically become expired. Though it remains to be seen whether the Bitcoin mining giant will now refile the IPO application.

Refile with the HKEX or Look Elsewhere?

Bitmain electing to refile with the HKEX could have significant implications for the company especially on the financial disclosure front. According to the HKEX listing guidelines:

The latest financial period reported on by the reporting accountants for a new application must not have ended more than six months from the date of the listing document.

Based on the above rule, Bitmain will be forced to release its Q3 2018 financials, to the public. Reports indicate that the company lost more than $740 million in that particular period and has refused to disclose any figures.

Dovey Wan, founding partner at Primitive believes the company might look to the NASDAQ. Back in January 2019, Bitcoinist reported that Canaan was considering filing its IPO in New York.

What Next for Mining Behemoth?

Since submitting its IPO back in September 2018, Bitmain has experienced numerous issues that have significantly impacted the company’s financials. The decision to bet heavily on Bitcoin Cash saw the company record huge losses in a single quarter.

Aside from poor business decisions, 2018 also marked a prolonged bear market for cryptocurrencies, with prices falling more than 80 percent across the board. In the latter part of the year, Bitmain took to reducing its staff strength, laying off a couple of departments.

Will Bitmain be able to initiate another IPO process in 2019? Share your thoughts with us in the comments below.

Image courtesy of Twitter (@DoveyWan), Shutterstock

Published at Mon, 25 Mar 2019 14:04:22 +0000

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Blockchain AI Underdog Autonio Yields Over 40X Returns for ICO Investors

As we know, the crypto industry is being increasingly seen as a viable and profitable investment avenue. However, crypto trading, because of its new market, is highly unpredictable and volatile.

Autonio entered the market with an aim to offer every level of investor an opportunity to reap the rewards of crypto trading. Essentially, the platform is a decentralized trading bot, merging blockchain and AI technology. The peer-to-peer network is used to determine any code upgrades, which local clients then implement. This results in a gradual and ongoing improvement of the platform.

Members on the platform can buy or sell their trading strategies, as well as their consultation time. In addition, the platform has built-in and extremely-advanced trading indicators; the full spectrum of them can be found on their website: https://auton.io/

The platform’s medium of exchange is the NIO token, which is ERC20 compliant. NIO’s value increased by over 2,000% in its first week alone, with daily trading volume exceeding $430,000 during a spike between the 8th and the 10th of November, followed by another spike between the 12th and the 16th. At one point, NIO pushed the market cap to over $9 million, and it is now sitting at $3.7 million. NIO currently has a circulating supply of 65,828,135, and a total supply of 220,466,789.

Investors in Autonio’s ICO actually received extra returns: Autonio only raised $54,000—mainly because they did not try to oversell themselves—and all remaining tokens that weren’t burned were equally distributed to investors. In actual fact, they received 24.1646 times more tokens because of this. In addition, most investors also received a 70% discount as they contributed in the first round.

That means although the official ICO price was set at $0.05585 per token, the actual price paid by most investors was $0.0014059. Based on the actual price, Autonio made over 40 times as much on their returns, and if they sold at the peak, they would have made returns of more than 95 times as much.

“I have confidence in my vision and in what I’m trying to build,” said Ali Raheman, the Project Manager of Autonio.

“Because of the experience of my mentors, the feasibility of what we’re building was in constant check, and fortunately for us, the community saw that and wholeheartedly supported us. This is a very humble beginning for a platform that has been made purely for the community, and with the interest of users and investors in mind.”

The owner of NewsBTC, Jonathan Millet, as well as Andrew Wagner, who is the Community Manager for the news portal, are both advisors on the project. They have stated that are proud to work with successful clients who don’t disappoint investors, and that’s exactly what Autonio is.

The platform also has a very active online community on Telegram (t.me/Autonio), thanks in part to the many activities that they’re involved in. This includes airdrops like the one held for MBRS holders, and there will also be one for all ETH holders in the future.

In addition, the platform also holds trading competitions (more on http://nioking.algoshare.net/) in order to which attract high-quality traders. These competitions not only act as a great way for crypto investors to experience the benefits of Autonio, but they also allow the platform’s AI technology to learn from the strategies of the winning competitors. The platform has already had profits ranging from 1,062% to 4,235% APR.

Based on the excellent response to Autonio, it seems as if both their popularity and adoption will continue to grow. By combining the increasingly popular AI industry with the continuously growing blockchain industry, the sky is the limit as to what further advancements can be made, and what more Autonio can offer.

The post Blockchain AI Underdog Autonio Yields Over 40X Returns for ICO Investors appeared first on NEWSBTC.

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