On Friday, Chia Network Inc. revealed that it had sent a draft registration statement to the U.S. Securities and Exchange Commission (SEC), as part of its intention to go public through an initial public offering (IPO). Bram Cohen’s blockchain network firm will move closer to the public listing after the U.S. regulator’s assessment of the filing.
Bram Cohen’s Chia Network Seeks Public Listing
On April 14, Chia declared that it had privately filed a draft registration statement on Form S-1 with the SEC in order to initiate an initial public offering of its common stock. This move by Chia comes after the U.S. securities regulator declared that a number of crypto tokens were unregistered securities. The blockchain and digital currency project created by Bram Cohen in 2018, uses storage for reaching consensus through a mechanism known as Proof of Space and Time (PoST), instead of Bitcoin’s proof-of-work (PoW). PoST employs hard disk space as the foundation for its consensus algorithm.

Chia Network Inc. raised $71.12 million in total and gained $61 million in a Series D financing round in May 2021, led by Andreessen Horowitz and Richmond Global Ventures. The news of Chia submitting the draft registration statement to the SEC sent its native token XCH up 14.2%. Over the past 24 hours, it has been trading in the range of $39.56 to $45.38 per coin. During the last seven days, XCH has surged by 19.3% against the U.S. dollar. Nevertheless, XCH is 97% lower than the all-time high it set on May 15, 2021, when it reached $1,645 per unit. As of now, XCH has a market capitalization of roughly $317 million and is placed 143rd among thousands of other crypto market cap metrics.
What do you think about Chia’s plan to achieve a public listing through an IPO? Share your views about this subject in the comments section below.
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