Blockchain and smart-contract platform Chia Network - founded by Bram Cohen, inventor of BitTorrent - has submitted a confidential draft registration to the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO).
The size and price range for the offering has yet to be determined, Chia said in a press release on Friday.
Chia's aspirations for a public listing go back to bull run of 2021, when Bloomberg reported the blockchain raised $61 million in a Series D funding round, led by Andreessen Horowitz (a16z) and Richmond Global Ventures, at $500 million valuation. At the time, then chief operating officer (now CEO) Gene Hoffman was reported to have said that it was on "an accelerated timeline" to an IPO.
Native token XCH has shown little response to the news, currently up around 2.59% on the day, though showing no upward movement since Chia's announcement at around 12:30 UTC, according to CoinMarketCap data.
Read More: SEC Urges Investors to Be Cautious With Crypto Securities
Edited by Aoyon Ashraf.
CORRECTION (April 14, 13:20 UTC): Changes time that Chia made announcement from 13:30 UTC to 12:30 UTC
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