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Bitcoin obsession opens the appetite of Chinese companies

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 Bitcoin obsession opens the appetite of Chinese companies

The Bitcoin obsession has led to a massive increase in fundraising from Chinese companies seeking to expand their cryptocurrency operations or move to the fast-growing sector.

Bitcoin obsession opens the appetite of Chinese companies

From large listed companies exploiting public markets to smaller players raising money from venture capitalists, a jump in cryptocurrency prices and signs of growing acceptance of technology from apex institutions have fueled the market boom.

The Chinese bitcoin mining machine maker, Ebang International Holdings, which debuted on the Nasdaq in June, ran two fundraising rounds in February alone, and made $ 170m, even after its previous bid in November.

Chinese waste recycling company Newcomer Code Chain New Continent raised $ 25 million in February through a stock offering to fund its bitcoin mining entry.

The market thrived despite complicated official attitudes toward cryptocurrencies in China.

Cryptocurrency platforms are banned and mining is frowned upon, but there is strong official support for the development of blockchain technology, which supports cryptocurrencies, such as Bitcoin, and is a key to new innovations in areas such as: trade finance, supply chain management and counterfeiting.

This has contributed to the emergence of attractive crypto projects in China, although many companies are still listing and raising funds abroad.

And the Ebang growth story is attractive to institutional investors, as fundraising from all players in the industry has become more frequent thanks to the bitcoin bull.

Ebang International Holdings plans to use its new capital to expand cryptocurrency mining itself, open cryptocurrency exchanges in Singapore and Canada, and launch a Robinhood-style platform for trading Bitcoin.

Canaan, another Chinese company listed on the NASDAQ Bitcoin Mining Machine, is expanding into the field of mining, where powerful computers are used to verify Bitcoin transactions and compete for a bitcoin reward.

The Chinese rush comes as Coinbase, the largest cryptocurrency exchange in the United States, submitted an application last month to be listed on the Nasdaq exchange.

The regulatory approval represents a historic victory for cryptocurrency advocates seeking mainstream endorsement.

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