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