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   701

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

Bitmain May Earn Less Than Expected

Twitter users reports that Jihan Wu's team lowered the company's 2018 projected revenue from $ 8 billion to $ 3 billion
21 August 2018   101

A Twitter user BTCKING555 reported that his sources inside Bitmain, the largest manufacturer of mining equipment, say that Jihan Wu's team lowered the company's 2018 projected revenue from $ 8 billion to $ 3 billion.

BTCKING555 Twitter
BTCKING555 Twitter

At the same time he @'ed the strategic director of Blockstream Samson Mow and the famous crypto-enthusiast Whale Panda, who shared this information. It is noteworthy that Mow wrote that his sources confirm the statement of BTCKING555.

Samson Mow Twitter
Samson Mow Twitter

BTCKING555 also noted potential investors of Bitmain on the upcoming IPO - Sequoia Capital, IDG Capital and Temasek.

It was previously reported that losses in the second quarter of Bitmain could amount to $ 1 billion due to the large position of Bitcoin Cash and the Antminer S9 price drop.

Also, Japanese media corporation SoftBank denied information about its participation in financing Bitmain before the IPO.