XCH Token Skyrockets 15% As Chia Network Files For U.S. IPO

Crypto News: On Friday, crypto startup Chia Network Inc. announced that it has taken a step closer to launching an initial public offering (IPO) in the United States. The company acknowledged that it has submitted a confidential draft registration to the U.S. Securities and Exchange Commission, however, the size and price range for the offering remain unknown.

Chia Network Eyes Wall Street

Blockchain and smart contract platform Chia Network, which was founded by Bram Cohen — inventor of BitTorrent — joins other digital asset companies aiming to go public. Kraken, a prominent cryptocurrency exchange in the States, earlier announced its intentions of becoming a publicly-listed company later this year.

In its official price release, the company was quoted as saying:

Chia Network, Inc. today announced that it has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the ‘SEC’) relating to the proposed initial public offering of its common stock.

Chia, which had a valuation of approximately $500 million in 2021, had plans for a public offering that date back to the bull run of 2021. At that time, Chia was reported to have raised $61 million in a Series D fundraising round, led by well-known venture capital firm Andreessen Horowitz (a16z).

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XCH Price Skyrockets

In the wake of this crypto news, both the XCH community and the larger cryptocurrency market reacted positively to the announcement. Moreover, market participants are of the opinion that this may eventually result in a bullish scenario for the XCH token which currently sits at a market cap of $315 million.

Chia network’s native token, XCH, surged by roughly 15% to hit a daily high of $45.35 — while its trading volume witnessed a spike of 102% in the past 24 hours. As things stand, the price of XCH is currently exchanging hands at $44.96 which represents a gain of 19.32% recorded over the last seven days.

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