Bitmain to Open Office in Silicon Valley

Representatives of Bitmain emphasize that the office in the Silicon Valley will help the company's venture capital investments
18 July 2018   510

Bitmain, the leading manufacturer of bitcoin mining equipment, opened an office in San Jose. This is reported by CCN.

According to the publication, Bitmain took the last empty premises in the office building Riverpark Tower, which also houses start-ups Okta, Cohesity and WeWork.

The area of ​​the new office is 1850 sq.m.

Representatives of Bitmain emphasize that the office in the Silicon Valley will help the company's venture capital investments. In addition, this is part of the plan to expand business in North America. In connection with China's unsustainable policy regarding cryptocurrency, the mining giant plans to open its sites in Washington state and Canadian Quebec.

Note that last month Bitmain completed the next round of the investment campaign, within which it raised $ 400 million. At the moment, the mining giant is estimated at $ 12 billion.

Thus, Bitmain is not only the most expensive company in the crypto currency industry, but also the most expensive private technology start-up. Representatives of the company expect that after the release of Bitmain to IPO, the company's shares will be worth $ 40 billion.

It is significant that Bitmain will soon be able to gain control over 51% of the bitcoin network. At the end of June, the pools of BTC.com and Antpool, owned by the mining giant, produced an aggregate 42% of bitcoin blocks.

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