Bitmain raises $ 1 billion more ahead of IPO – media
Chinese mining giant Bitmain is expected to raise an additional $ 1 billion after successfully completing a Series B funding round that raised $ 300 million – $ 400 million backed by Sequoia Capital. Writes about this 8btc with a link to the Chinese portal Touchweb.
According to him, a new round of fundraising will be completed by the end of the month and will raise the company’s valuation to $ 15 billion. Touchweb also reports that Bitmain is preparing to conduct an initial public offering (IPO) on the Hong Kong Stock Exchange, hoping to apply for a listing in August and campaign at the end of the year.
Bitmain is the largest manufacturer of mining equipment in the world, and its market share is 3-5 times that of its nearest competitor, Canaan. Bitmain mining pools account for almost 50% of the computing resources of the bitcoin network.
The previous round of funding was spearheaded by Sequoia Capital, American hedge fund Coatue and Singaporean public investment fund EDBI. The firm also raised $ 50 million in its Serie A round last September..
Bitmain founder Jihan Wu said his company earned $ 2.5 billion in 2017, which is 8 times more than in 2016.
Wu said in May that he did not rule out the possibility of an IPO. Several Chinese media outlets reported that Bitmain was preparing to apply for listing on the Hong Kong Stock Exchange, however the company did not comment on this information..
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