Bitmain May Earn Less Than Expected

Twitter users reports that Jihan Wu's team lowered the company's 2018 projected revenue from $ 8 billion to $ 3 billion
21 August 2018   1717

A Twitter user BTCKING555 reported that his sources inside Bitmain, the largest manufacturer of mining equipment, say that Jihan Wu's team lowered the company's 2018 projected revenue from $ 8 billion to $ 3 billion.

BTCKING555 Twitter
BTCKING555 Twitter

At the same time he @'ed the strategic director of Blockstream Samson Mow and the famous crypto-enthusiast Whale Panda, who shared this information. It is noteworthy that Mow wrote that his sources confirm the statement of BTCKING555.

Samson Mow Twitter
Samson Mow Twitter

BTCKING555 also noted potential investors of Bitmain on the upcoming IPO - Sequoia Capital, IDG Capital and Temasek.

It was previously reported that losses in the second quarter of Bitmain could amount to $ 1 billion due to the large position of Bitcoin Cash and the Antminer S9 price drop.

Also, Japanese media corporation SoftBank denied information about its participation in financing Bitmain before the IPO.

Media to Report on Canaan's IPO Date

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3B
12 November 2019   104

Canaan Creative, a Chinese manufacturer of bitcoin mining equipment, will conduct an initial public offering on the leading NASDAQ stock exchange on November 20. This is reported by The Block, citing its own sources.

Bitmain rival filed an IPO on October 28 and expects to raise $ 400 million. Underwriters are Citi Group, Credit Suisse, Galaxy Digital and four other companies.

At the same time, it remains unknown at what price the company intends to place its shares.

Rumors that Canaan is considering an IPO in the United States appeared at the beginning of the year. This is the third attempt by the company to conduct an initial public offering - earlier Canaan unsuccessfully tried to conduct an IPO in Hong Kong and mainland China.

According to the submitted documents, last year the net profit of the manufacturer of miners Avalon amounted to $ 8.3 million with revenue of $ 394 million. However, in the second half of 2018, Canaan lost $ 16.7 million amid falling bitcoin prices.

According to a survey of institutional investors, the company's valuation is in the range of $ 2-3 billion.