Bitmain May Raise Additional $1B Before IPO

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
23 July 2018   682

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.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   423

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva