Davis Polk & Wardwell and Clifford Chance have taken lead roles on Chinese cryptocurrency-mining chip maker BitMain Technologies Holding Co.’s upcoming initial public offering in Hong Kong, which could raise as much as $3 billion, according to media reports.

The five-year-old company designs semiconductor chips specialized for cryptocurrency mining and is the largest such chipmaker in the world, accounting for 74.5 percent of the market share, according to market research firm Frost & Sullivan.