Bitmain seeking another $1 billion in funding prior to its IPO

24 Jul, 2018
by Matthew Kim
News
Bitmain seeking another $1 billion in funding prior to its IPO

Bitmain was recently recognized as one of the first fully cryptocurrency-focused companies to be categorized as “unicorns” in China. Chinese news source TouchWeb reported that Bitcoin mining giant Bitmain is now aiming to raise another $1 billion through its new pre-ipo funding.

Bitmain is a highly profitable Bitcoin mining company that is based in China, but to confine it to a mere mining company would be inaccurate. The company was birthed out of a dream to create a computer chip specifically designed to mine Bitcoin, and it now stands as the largest ASIC chip manufacturer for Bitcoin.

Having recorded a monstrous profit of $2.5 billion after being founded in 2013, the company is expected to reach a valuation of approximately $15 billion if the company were to reach its new fundraising goal. In June, Bitmain completed its Series B funding of $400 million backed by Sequoia Capital.

Bitmain is also reportedly targeting a launch of an Initial Public Offering (IPO) in Hong Kong. Their listing application to the Hong Kong Stock Exchange will be submitted in August. If the application is accepted, the launch is expected to occur sometime in late 2018.

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Read more about: Bitcoin (BTC)

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