Chia Network Makes Progress Toward an IPO, CEO Says

At the close of March, the company quietly submitted an amended S-1 form to the U.S. Securities and Exchange Commission following a comment letter from regulators, according to CEO Gene Hoffman during a conference hosted by Brown Rudnick in Manhattan. Yet, no definite schedule exists for the IPO as the company is holding out for favorable market conditions, Hoffman added in a conversation with CoinDesk.

In April 2023, Chia announced its intention to hold an initial public offering (IPO). However, due to financial troubles at Credit Suisse, the underwriter for the IPO, Chia’s plans were disrupted. Consequently, Chia had to let go of one-third of its workforce in October.

Chia was established by Bram Cohen, known for creating the BitTorrent protocol for peer-to-peer file sharing. In contrast to Bitcoin and Ethereum that rely on proof-of-work and proof-of-stake respectively to manage their blockchains, Chia employs unique methods – proof-of-space and proof-of-time. Essentially, these concepts entail utilizing computer storage across the globe.

In the upcoming months, Chia is intending to introduce a connection for Circle’s USDC stablecoin, along with further development initiatives, according to Hoffman’s statement.