Sequoia Capital May Invest $400 in Bitmain

The financing was made in preparation for Bitmain to launch the IPO, after which the company's investment valuation rose to $ 12 billion
12 June 2018   2057

Leading manufacturer of mining equipment Bitmain Technologies received $ 400 million from the Chinese division of venture capital firm Sequoia Capital. This is reported by China Money Network.

According to the publication, the financing was made in preparation for Bitmain to launch the IPO, after which the company's investment valuation rose to $ 12 billion.

Also, the publication confirms the intention of the company to conduct an IPO in Hong Kong. It is expected that Bitmain will enter the stock market in September, and before the end of 2018 the company's capitalization will grow to levels between $ 30 billion - $ 40 billion.

There have been no official comments from Bitmain at the moment.

Bitmain Technologies Ltd was founded in 2013 and is the largest producer of equipment for mining using ASIC technology. It also plans to expand its operations to artificial intelligence market.

In June, the co-founder of the company, Cihan Wu, confirmed that Hong Kong, or some other foreign market, where shares are traded in US dollars, is considered for an IPO. Then he named Sequoia Capital and IDG Capital among potential investors

Zhan Tried to Get Control Over Bitmain, But No Luck

Ex CEO called the shareholders meeting and asked to put him as a head again, but most of the shareholers rejected
09 December 2019   43

At a meeting of Bitmain shareholders today, December 9, former CEO Micree Zhang proposed that all directors be recalled and reinstated as the sole head of the company.

Most of the shareholders rejected the offer.

I dont know why Zhan hold this meeting, awkward.
 

One of the shareholders, Bitmain

In a recent speech by Jihan Wu, an inscription was placed on the screen behind him: "The Bitmain you are familiar with is now back."

Zhan was stripped of all posts an threatened with a war when Jihan Wu returned to the CEO's chain in the end of October.