On Friday, Chia Network Inc. announced that it had filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will initiate the initial public offering after the US securities regulator approves the filing.
Bittorrent Creator Chia Targets Initial Public Offering
Bram Cohen’s Chia Network intends to go public and took a step in that direction on Friday, April 14, 2023, when the company filed a Form S-1 with the SEC. The blockchain and cryptocurrency project, launched in 2018, leverages storage for consensus through a mechanism called Proof of Space and Time (PoST), in contrast to Bitcoin’s Proof of Work (PoW). PoST uses hard drive space as the basis for its consensus algorithm. Chia’s COO Gene Hoffman said the company had been focused on an initial public offering since May 2021.
On April 14, Chia Announced that it had confidentially filed a draft registration statement on Form S-1 with the US Securities and Exchange Commission for the proposed initial public offering of its common shares. Chia’s move follows a series of crypto tokens declared unregistered securities by the SEC. chia has increase a total of $71.12 million and obtained $61 million in May 2021, in a Series D financing round led by Andreessen Horowitz and Richmond Global Ventures.
Chia native tab XCHON it was up 14.2% on the news, and for the past 24 hours, it has been trading in a range of $39.56 to $45.38 per coin. In the last seven days, Chia’s XCH has risen 19.3% against the US dollar. However, XCH is 97% lower than the all-time high it set on May 15, 2021, when it reached $1,645 per unit. As of this writing, XCH has a market capitalization of around $317 million and ranks 143 out of thousands of other crypto market capitalization metrics.
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