(BTC) behemoth is now valued at $15 billion after closing a pre-Initial Public Offering () funding round with backing from high-profile investors, QQ News August 4.
The fresh financing deal, which is said to have closed on Saturday, notably includes investments from tech conglomerate Tencent and ’s Softbank, another tech giant whose 15 percent stake in Uber makes it the drive-hailing app’s .
Tencent, meanwhile, is the developer of China’s dominant social media platform WeChat, which has over global users and Facebook’s market cap by $72 billion in March of this year.
According to QQ, Bitmain is planning to launch its IPO on the Stock Exchange this September at an estimated valuation of $30 billion. As Cointelegraph previously reported, Bitmain’s CEO Jihan Wu plans for the IPO in early June.
In February 2018, Bitmain reportedly held of the global market for bitcoin mining hardware, and posted between $3 and $4 billion in operating profits in 2017 — higher than American graphics processing unit (GPU) manufacturer .
At the end of July, Fortune that Bitmain earned around $1 billion in net profit for the first quarter of 2018, the same month it a $300-400 million Series B funding round which inched its valuation upward to $12 billion.
Meanwhile, another Chinese crypto mining giant, Canaan Creative, is to launch its own IPO — also on the Hong Kong Stock Exchange.
Just yesterday, Bitmain it will construct a $500 million data center and mining facility in as part of its expansion into the market, hoping to initiate the center’s operations by early 2019.
Published at Tue, 07 Aug 2018 21:01:00 +0000
