Blockchain eco-focused startup Chia Network (XCH) has confidentially submitted a draft registration form to the US Securities and Exchange Commission (SEC) regarding the proposed initial public offering of its stocks.
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According to a press release published on Friday, the size and price range for the IPO are yet to be determined, as the offering is pending regulatory approval. After the news broke, Chia's native token XCH jumped 13% to $44.5, according to data from CoinGecko.
Founded in 2017, Chia Network raised a total of $69.7 million from 19 investors at $500 million valuation, according to data from Crunchbase. The project raised funds from Andreessen Horowitz, Richmond Global Ventures, Slow Ventures and others.
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