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Chia Network Submits Registration to U.S. SEC For Proposed IPO
The size and price range for the offering has yet to be determined
Updated May 9, 2023, 4:12 a.m. Published Apr 14, 2023, 1:13 p.m.
Blockchain and smart-contract platform Chia Network – founded by Bram Cohen, inventor of BitTorrent – has submitted a confidential draft registration to the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO).
The size and price range for the offering has yet to be determined, Chia said in a press release on Friday.
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Chia's aspirations for a public listing go back to bull run of 2021, when Bloomberg reported the blockchain raised $61 million in a Series D funding round, led by Andreessen Horowitz (a16z) and Richmond Global Ventures, at $500 million valuation. At the time, then Chief Operating Officer (now CEO) Gene Hoffman was reported to have said that it was on "an accelerated timeline" to an IPO.
Chia's native token XCH at press time wasn't showing much reaction to the news, maintaining its 2.6% advance over the past 24 hours.
XCH rose more than 10% shortly afterwards and at 16:45 UTC was higher by 12.3%.
Read More: SEC Urges Investors to Be Cautious With Crypto Securities
CORRECTION (April 14, 13:20 UTC): Changes time that Chia made announcement from 13:30 UTC to 12:30 UTC
UPDATED (April 14, 16:45 UTC): Adds share price movement subsequent to original story being published.
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