Bitmain, the market leader in the area of Mining Hardware, has been able to collect before its planned IPO other investors ‘ funds. Most important Player: The investment company, Sequoia Capital China, with an Investment of 400 million US dollars.
It is not a week, as a founder of the company, Jihan Wu flirted last open with an IPO of his company. With a 400 million US Dollar Investment, the investment company Seqouia Capital is now in Bitmain entered, reports China Money Network.
Bitmain is estimated to be twelve billion dollars
Through this investment, the value of the Mining company is estimated now on a proud twelve billion dollars. The corresponding it is apparent from insider reports, the local media is present. This number is consistent with the evaluation of CEO, Jihan Wu last week. Bloomberg estimated the value of the company as on 8,8 billion dollars. The basis for this estimate is a comparison with other chip manufacturers like Nvidia or MediaTek.
IPO at the end of the year?
Bitmain considers himself, meanwhile, still covered. The chip manufacturer has said so far, neither the Sequoia Funding, nor has he specified the exchange plans. Bloomberg to company boss Wu has indicated, however, that he would prefer for Bitmain to a stock exchange, in US Dollar-denominated assets. To facilitate the Cash Out of early investors such as Sequoia. In addition to markets Overseas, Wu mentions here, specifically the Hong Kong stock exchange.
The local insider reports, the Chinese Money Network calls, not to mention Hong Kong as the first choice for an IPO. The chip manufacturer wants to provide, allegedly, in September, a request for approval for the Hong Kong stock exchange. Furthermore, the company wants to reach a market capitalization of 30 to 40 billion dollars.
Bitmain uses its monopoly position in the Mining Business. The manufacturer of ASIC Chips and Mining Hardware dominates the industry with 75 percent market share. This is similar for the Bitcoin Mining itself: How Bitmain operates with BTC.com and AntPool, the two largest Mining Pools for Bitcoin. Thus, the company currently brings together over 40 percent of the total hashrate of the network.
Most recently the company was criticised to have secret Monero Mining companies. Bitmain-chief of Jihan Wu denied the rumors.