Rumor: Bitcoin Mining Chip Maker Bitmain Lands USD 1 Bln Funding
Sina Tech, 7/16/18
Beijing-based Bitcoin mining hardware maker Bitmain Technologies is reportedly in the process of raising USD 1 bln in new funding and funds are expected to be in place by the end of July, according to IT media outlet TouchWeb. Bitmain is valued at approximately USD 15 bln following the funding round. In addition, a source close to the matter said that Bitmain plans to submit IPO application materials in August 2018 to list on a Hong Kong market by the end of the year. Bitmain declined to comment on the matter when contacted by online media outlet Sina Tech.
In Q1 2018 Bitmain's operating revenues reached USD 1.87 bln and net profits were USD 1.14 bln.
Editor's Note: Bitmain recently announced completion of between USD 300-400 mln in Series B funding from investors including Sequoia Capital China, US-based hedge fund Coatue, and Singapore government-backed investment firm EDBI. The company is now valued at approximately USD 12 bln. Bitmain was previously said to be in the process of soliciting pre-IPO funding. For more information on this topic, please see Bitcoin Mining Chip Maker Bitmain Secures Over USD 300 Mln Series B, MD 7/06/18 issue.
Keywords: blockchain hardware Internet IPO funding Series B Bitcoin Bitmain chipmaker virtual currency valuation
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