Bitcoin Cash (BCH) gained nearly 25 percent on the back of the announcement of an initial public offering by Bitmain Technologies, one of the company that mines BCH, reported Hacked.com.

Shares of Bitcoin Cash, one of the many cryptocurrencies that Bitmain mines, soared in the interim, traded at $542 on a trading volume of about $800 million, the report said.

Bitmain, the world’s largest designer of products used for mining cryptocurrencies, on Wednesday confirmed it was bringing its IPO to Hong Kong in what will be an important test of institutional investors' interest in the crypto sector.

Bitmain designs different microchips specialised for mining cryptocurrenies and for artificial intelligence applications, as well as manufacturing cryptocurrency and AI hardware, and managing crypto mining farms. The IPO comes at a time when the cryptocurrency sector is facing a number of headwinds.

(With inputs from Reuters)

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