Crypto mining goliath, Bitmain is filing a whopping $18 billion IPO

Home » News » Crypto mining goliath, Bitmain is filing a whopping $18 billion IPO
August 11, 2018 by
Crypto mining goliath, Bitmain is filing a whopping $18 billion IPO

Bitmain, one among the big leagues of the cryptocurrency mining world, is declaring 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 will certainly be noted on the Hong Kong Stock Market by the end of this year or by the start of 2019, inning accordance with a Coindesk report. This IPO will allow the stock market give the firm a worth in real time. With the profits from IPO, the consolidated holdings of the founders would total up to $30 billion if they prepare to maintain 60% of the shares.

The last venture financing of Bitmain prior to the filing of the IPO was led by Sequoia Resources China. It led a $50 million series An and also $400 million series B rounds. This remained in collaboration with San Francisco’s IDG Funding, Menlo Park’s Coatue Management, Russia’s DST Global and also Singapore’s EDBI and also GIC. The series B round valued the firm at $12 billion while the collection A round was valued at $ 1 billion, representing 5% of the shares.

See Also: Bitcoin mining giant Bitmain to invest in $500M cryptocurrency mining farm in Texas

Bitmain shut a $1 billion pre-IPO financing round in July which was valued at $15 billion. Bitmain is confirming to be a crypto mining goliath with the immensely valued IPO. Though the quantity and also predicted share price are not divulged, financial investment banks are approximating the price-earnings ratio to be 20 for the initial year they trade as a public company.
The usage of ASIC chips for the purpose of Bitcoin mining established the crypto mining company a course apart in the crypto world. Since then they have actually explored the mining of other cryptocurrencies like Bitcoin Money, litecoin, dash, siacoin and Ethereum. Bitmain has also been producing cash from their Bitcoin holdings. Their income from Bitcoin holdings for the last three years is approximated to be more than $20 billion.

The cryptocurrency mining giant is positioned to become the biggest cryptocurrency mining firm with the help of the IPO. Bitmain is likewise enthusiastic regarding checking out various other innovations and also currently has an in-house artificial intelligence arm which reportedly makes 40% of the revenues.

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