Chia Network Files for IPO With the SEC, Eyes Public Listing – Bitcoin News

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On Friday, Chia Network Inc. announced that it had submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission (SEC), requesting an initial public offering (IPO). The blockchain network company, founded by Bittorrent creator Bram Cohen, will launch the IPO after the US securities regulator approves the filing.

Bittorrent Creators Chia Aims for IPO

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 an S-1 form 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), unlike Bitcoin’s proof of work (PoW). PoST uses disk space as the basis of its consensus algorithm. Chia COO Gene Hoffman said the company has been focusing on an IPO since May 2021.

Chia’s native token, XCH, rose more than 14% following the announcement of the IPO.

On April 14, Chia announced that it had confidentially filed a draft registration statement on Form S-1 with the United States Securities and Exchange Commission for the proposed initial public offering of its common stock. Chia’s move follows a number of crypto tokens being declared unregistered securities by the SEC. Chia raised a total of $71.12 million and secured $61 million in May 2021, in a Series D funding round led by Andreessen Horowitz and Richmond Global Ventures.

Chia’s native token, XCH, is up 14.2% on the news and over the past 24 hours has traded in the range of $39.56-$45.38 per coin. Over the past seven days, Chia’s XCH has risen 19.3% against the US dollar. However, XCH is 97% below the all-time high it hit on May 15, 2021, when it hit $1,645 per unit. At the time of writing, XCH has a market capitalization of around $317 million and ranks 143rd among thousands of other crypto market capitalization metrics.

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What do you think of Chia’s decision to go public through an IPO? Share your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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