Bitcoin mania triggers fundraising rush by China
Jump in cryptocurrency prices feeds market boom
Reuters
March 10, 2021
After touching record high of just under $20,000 in late November, bitcoin stalled and even went below $17,000. PHOTO: REUTERS
HONG KONG/
SHANGHAI:
Bitcoin mania has fuelled a surge in fundraising by Chinese companies seeking to expand their cryptocurrency operations or move into the red-hot sector.
From large listed companies tapping public markets to smaller players raising funds from venture capitalists, a jump in cryptocurrency prices and signs of growing acceptance of the technology by mainstream institutions have fed the market boom.
Chinese bitcoin mining machine manufacturer, Ebang International Holdings, which debuted on Nasdaq in June, conducted two fundraising rounds in February alone, raking in $170 million, even after a previous offering in November.