Bitmain raised $300 to $400 million in a Series B funding. The Chinese crypto mining manufacturer was valued at $12 billion after the investment.
The Chinese company Bitmain raised $300 million from Sequoia Capital’s China subsidiary Sequoia China. US hedge fund Coatue and Singapore based EDBI were also involved in the investment round. The Series B investment round was reasonably higher than the Series A round which was held in September. In Series A round, the company has raised $50 million approximately.
Bitmain is a privately held company from China. They produce crypto mining hardware such as ASIC chips and motherboards that are specially developed for mining. According to financial analysts, the Chinese company has made $4 billion in profits in 2017. Also, the company holds 70-80 percent of the market for mining hardware. Additionally, Bitmain is the owner of AntPool and BTC.com. These websites have the 35 percent of the Bitcoin hashrate in total.
This round of investing was a bit large so that it brought a pre-IPO investing round to minds. Company’s CEO, Jihan Wu, has told Bloomberg that he has plans for an IPO in the future. Also, he stated that the company is worth nearly $12 billion. If Bitmain goes for an IPO, they will be rivals with Ebang Communication and Canaan Creative. These companies are also producing mining hardware and they have already gone public.
With the IPO, the company will be opening its ledgers to the public. Then, their net worth and profits will be more clear. We will see how the CEO of the company will move in the next months. Also, company’s potential listing on a stock market will be essential for the cryptocurrency world. The more transparency in the business, the more secure the transactions and mining. We hope to see what is best for the cryptocurrency world.
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