Bitmain, one amongst the big leagues of the cryptocurrency mining world, is filing for an Initial Public Offering (IPO). The IPO would certainly be valued at $18 billion with a market capitalization of $40 to $50 billion. The cryptocurrency mining giant is preparing to go public and also will be provided on the Hong Kong Stock Market by the end of this year or by the start of 2019, according to a Coindesk report. This IPO will certainly allow the securities market give the business a value in real time. With the revenues from IPO, the mixed holdings of the founders would amount to $30 billion if they plan to keep 60% of the shares.
The last venture financing of Bitmain prior to the declaring of the IPO was led by Sequoia Resources China. It led a $50 million collection An and $400 million series B rounds. This remained in collaboration with San Francisco’s IDG Resources, Menlo Park’s Coatue Management, Russia’s DST Global as well as Singapore’s EDBI as well as GIC. The series B round valued the company at $12 billion while the collection A round was valued at $ 1 billion, representing 5% of the shares.
Bitmain closed a $1 billion pre-IPO funding round in July which was valued at $15 billion. Bitmain is showing to be a crypto mining goliath with the tremendously valued IPO. Though the volume as well as projected share price are not revealed, investment banks are estimating the price-earnings ratio to be 20 for the first year they trade as a public company.
The usage of ASIC chips for the purpose of Bitcoin mining set the crypto mining firm a class apart in the crypto world. Since then they have explored the mining of various other cryptocurrencies like Bitcoin Cash money, litecoin, dashboard, siacoin and also Ethereum. Bitmain has likewise been minting money from their Bitcoin holdings. Their revenue from Bitcoin holdings for the last 3 years is approximated to be more than $20 billion.
The cryptocurrency mining giant is positioned to become the largest cryptocurrency mining business with the help of the IPO. Bitmain is also enthusiastic about checking out various other technologies as well as already has an in-house artificial intelligence arm which reportedly makes 40% of the earnings.