Bitcoin Cash experienced a significant surge on Wednesday (September 26, 2018) to take its price above $500. Today’s BCH price spike coincided with cryptocurrency mining behemoth, Bitmain, publishing its financial statements in preparation for an initial public offering (IPO) in Hong Kong.
Bitcoin Cash Climbs 20 Percent in Two Hours
BCH began today’s trading valued at below $450. However, the popular Bitcoin fork surged by more than 20 percent between 3 PM and 5 PM (UTC). At the height of the sudden price rally, Bitcoin Cash managed to test $540.
The sharp spike coincided with the news of Bitmain publishing its financial statement signaling its intention to conduct an IPO in Hong Kong. Recently, reports emerged that the mining giant holds a significant percentage of BCH.
At press time, Bitcoin Cash has experienced a slight pullback down to $511. However, it is still up by almost 20 percent in the last 24 hours. According to Coinmarketcap, both BCH and XRP lead the way in daily gains for the top ten coins at 18.74 percent and 18.56 percent respectively.
Elsewhere, the cryptocurrency market appears to be enjoying a positive run with many tokens experiencing significant gains over the last present trading day. Bitcoin recovered from a slight wobble on Tuesday and is currently up by almost two percent. The top-ranked cryptocurrency looks set to maintain $6,500 going into Thursday.
Bitmain Opens its Books
In a related development, Bitmain Technologies has for the first time, published its financial statements. According to Bloomberg, the cryptocurrency mining company filed its books in Hong Kong. Reports indicate the filing is a prelude to Bitmain’s Hong Kong IPO.
Based on the filings, Bitmain earned a profit of over $740 million in the first six months of the year. This figure corresponds to a 900 percent profit increase from the first half of 2017. Bitmain’s revenue also climbed by more than 1000 percent to reach $2.8 billion for the first half of 2018.
If Bitmain goes ahead to pursue an IPO, it would be the latest cryptocurrency mining company to do so in recent times. Ebang and Canaan, Bitmain’s rivals, are also actively pursuing IPOs in Hong Kong as well.
For some observers, a Bitmain IPO provides an opportunity to examine a company that has obscured its finances since its inception.
Image courtesy of Coinmarketcap.