A Hong Kong stock exchange (HKEX) spokesperson has called Bitmain’s alleged hesitation around a acknowledged initial public offering (IPO) “rumors,” in an email to Top Market Group  Dec. 17. Once asked for verification and details on the crypto mining firm’s IPO status, the spokesperson responded that “HKEX doesn't discuss rumors.”

Blockchain and crypto media had antecedently reported that the exchange was “hesitant” to host its IPO due to market conditions surrounding the general crypto mining business. Sources have reportedly claimed that “the exchange is incredibly hesitant to really approve these Bitcoin (BTC) mining firms as a result of the trade is so volatile. There’s a true risk that they may simply not exist any longer during a year or 2.”

The slump in crypto markets that followed 2017’s record highs has been tough to bear for several crypto mining companies. Some have reportedly begun selling off mining equipment that reached its “shutdown price” by the kg. Citing market conditions, Bitmain has closed its Israel-based development center and dismissed native staff.

The potential Bitmain IPO has been the topic of some controversy and confusion over the course of the past few months. Many firms that were imagined to be investors within the firm’s pre-IPO have stated that they're not concerned.

As Top Market Group reported in September, Singapore-based firm Temasek was alleged to have committed $560 million bucks to Bitmain’s IPO. Temasek said in an official statement:

“We've seen statement regarding an IPO involving a cryptocurrency company, Bitmain. Temasek isn't an investor in Bitmain, and has never had discussions with, or an investment in Bitmain. News reports regarding our involvement in their IPO are false.”

In August, Henry Yu, a Hong Kong attorney and jurist, told Top Market Group  that a Bitmain investor deck in Chinese used vague and dishonest formulation once listing investors before its reported commerce. Within the Bitmain pre-IPO capitalist deck noninheritable by Top Market Group , DST world is listed as an investor, with claims that the investment was “recently completed.”

DST world confirmed to Top Market Group that it “has never invested in Bitmain.” the biggest Uber stockholder, SoftBank, has additionally denied its alleged involvement within the offering.

In Nov news broke that Bitmain is facing a $5 million class-action proceedings for allegedly mining cryptocurrency for its own profit on its customers’ devices. Gor Gevorkyan, the lead plaintiff, suggested that the drawn-out “initialization” method of the ASICs sold by Bitmain has the hardware mining at full power at users’ expense.

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