The Chinese mining giant Bitmain is supposedly going to raise another $ 1 billion after he successfully completed the round of financing for the B series, during which it received $ 300 million - $ 400 million with the support of Sequoia Capital. This is reported by 8btc.
According to their information, the new round of fund raising will be completed by the end of the month and will raise the company's estimate to $ 15 billion. Bitmain is preparing to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange, expecting to apply for listing in August and campaigning at the end of the year.
Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times higher than the nearest competitor, Canaan. Mining pools of Bitmain account for almost 50% of the computing resources of the bitcoin network.
The previous round of financing was led by Sequoia Capital, the American hedge fund Coatue and the Singapore state investment fund EDBI. The firm also raised $ 50 million in a series A round that took place last September.
Founder of Bitmain Cihan Wu said that in 2017 his company earned $ 2.5 billion, which is 8 times higher than in 2016.