On Friday, Chia Network Inc. announced that it has filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) requesting an initial public offering (IPO). Founded by Bittorrent creator Bram Cohen, the blockchain network company plans to launch its IPO after U.S. securities regulators approve the filing.
Bittorrent Creator Chia Aims for IPO
Bram Cohen’s Chia network intends to go public and took a step in that direction by filing a Form S-1 application with the SEC on Friday, April 14, 2023.The blockchain and cryptocurrency project, launched in 2018, is a bitcoin proof storage for consensus through a mechanism called Proof of Space and Time (PoST), as opposed to Proof of Work (PoW). PoST uses hard disk space as the basis for consensus algorithms. the COO of Chia Gene Hoffman, the company’s COO, indicated that the company is focused on an IPO after May 2021.
On April 14, Chiaannouncedthat it had confidentially filed a proposed registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock.Chia’s move comes as a number of crypto tokens were declared unregistered securities by the SEC Chia raiseda total of $71.12 millionand acquiredIn May 2021, Chia raised $61 million in a Series D financing round led by Andreessen Horowitz and Richmond Global Ventures.
Chia’s native token” XCHhas risen 14.2% on the news, trading in a range of $39.56 to $45.38 per coin over the past 24 hours. Over the past seven days, Chia’s XCH has gained 19.3% against the USD. However, XCH is still 97% below its all-time high of $1,645 per unit recorded on May 15, 2021. At the time of writing, XCH’s market capitalization is about $317 million, ranking it 143rd among thousands of other crypto market capitalization indices.
Image Credits: Shutterstock, Pixabay, Wiki Commons
.
