Xiaomi-Linked Cryptocurrency Company Bitmain Reportedly Weighing $18Bn IPO
According to documents obtained by Coindesk, Chinese tech company Bitmain is planning to go public by filing for a blockbuster IPO that could potentially be worth every bit much every bit $eighteen billion, valuing the company at a whopping $forty to $50 billion. "It will be underwritten by China International Capital Corporation and listed on the Hong Kong Stock Commutation in Q4 2018 or Q1 2019", claims the study.
Bitmain is ane of the largest makers of specialist cryptocurrency mining chips, and earned revenues of around $2.5 billion final yr by riding the crypto boom. In its earlier round of funding, the company had reportedly raised effectually $300 to $400 million from investors, including Sequoia Red china, at a valuation of $12 billion.
Meanwhile, the report as well links Bitmain to Xiaomi co-founder, Lei Jun, maxim that during its contempo $1 billion pre-IPO funding led by Tencent Holdings, Softbank and Prc National Aureate Grouping, a minimum commitment of $5 million was deadlined past July xviii and signed over to the Cayman Islands-based Bitmain Technologies Holding Company, which is believed to take connections to Jun.
While crypto-mining chips remain the visitor'southward bread and butter for now, it has been expanding into other areas with a view towards diversifying its portfolio to minimize risks. In an interview to Bloomberg last May, Bitmain's founder and co-CEO, Jihan Wu, said that the visitor was also developing other types of ASIC chips, such equally the ones used to compute in the field of artificial intelligence. He had too hinted at a possible future IPO during the interview, but gave no specific fourth dimension-frame for that.
Source: https://beebom.com/xiaomi-linked-cryptocurrency-company-bitmain-reportedly-weighing-18bn-ipo/
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