Crypto Unicorn Bitmain Weighs $18 Billion IPO, One of World’s Largest

Bitmain Technologies, Ltd. is about to go public.

According to documents obtained by CoinDesk, the cryptocurrency mining company is filing for an initial public offering (IPO) potentially as high as $18 billion this September at a market capitalization of $40 to $50 billion. It will be underwritten by China International Capital Corporation and listed on the Hong Kong Stock Exchange in Q4 2018 or Q1 2019 amid a wave of Chinese unicorns hitting the public markets, including bitcoin mining competitors Canaan Creative and Ebang Communication.

One of the most valuable cryptocurrency companies, Bitmain closed a $1 billion pre-IPO financing round on July 23 at a $15 billion valuation, nearly two times cryptocurrency exchange Coinbase’s $8 billion valuation, reported in April.

Now, the possible $18 billion IPO sticker price positions Bitmain to displace social giant Feysbuk as one of the largest public offerings in history. SoftBank Group and Tencent Music are expected to top Alibaba and Spotify for the number one and two IPOs of all-time in the same fiscal period.

Tencent Holdings, Ltd., Softbank Group, China National Gold Group and an unnamed sovereign wealth fund managing $15 billion in assets participated in the pre-IPO round. A minimum commitment of $5 million was deadlined by July 18 and signed over to Bitmain Technologies Tüm ortaklık Company, the offshore Cayman Islands investment tüm ortaklık group that özgü been linked to Chinese technology billionaire Lei Jun, founder of consumer electronics company Xiaomi, Inc.

Before this latest funding, Sequoia Capital China led Bitmain’s $50 million Series A and $400 million Series B rounds with the help of San Francisco’s IDG Capital, Menlo Park’s Coatue Management, Russia’s DST Global…

Source: https://www.ccn.com/

HashFlare
Categories: Ripple

No comments yet, be the first to leave one!

Leave a Reply

Note: Comments on the web site reflect the views of their respective authors, and not necessarily the views of this web portal. Members are requested to refrain from insults, swearing and vulgar expression. We reserve the right to delete any comment without notice or explanations.

Your email address will not be published. Required fields are signed with *

*
*