Bitmain Opens Branch in Switzerland

Bitmain Switzerland will play a central role during our global expansion, said a spokesman for the Beijing-based group
11 January 2018   2186

Bitmain Technologies, Chinese bitcoin mining giant, is expanding to Switzerland in a move that will be key to widening its reach, the group told a Swiss newspaper on Wednesday.

Bitmain Switzerland was registered in Zug, Switzerland in late December according to commercial registry filings accessed on Wednesday. Zug, a small canton in the middle of Switzerland, has become known as the Swiss “Crypto Valley” due to the proliferation of cryptocurrency groups setting up shop there.

Bitmain Switzerland will play a central role during our global expansion.

 

Spokesman for the Beijing-based group

Founded in Beijing in 2013, Bitmain is a leading bitcoin miner which also makes chips and computer hardware for mining. The company has offices in Amsterdam, Hong Kong, Tel Aviv, Qingdao, Chengdu, Shanghai and Shenzhen.

Recently, we have reported that China is planning to limit the supply of electricity to the cryptocurrency miners.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   420

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