It turned out that the company Bitmain has already held a private pre-IPO on the Hong Kong stock exchange, which has attracted 400 million dollars.
Regional media channel China Money Network reports that the funding round, evaluated the Chinese company at 12 billion dollars, was led by Sequoia Capital China, which is quite active in the emerging cryptocurrency space. Bitmain has not made public statements.
Assessment in the amount of $ 12 billion corresponds to the internal estimates Bitmain, but superior to assess the many third-party analysts, who had expected the firm costs from 8.8 to 10 billion dollars.
According to the report, Bitmain plans to hold an initial public offering (IPO) on the Stock exchange of Hong Kong in September and expects to enter the market with a market capitalization from 30 to 40 billion dollars.
Bitmain, founded in 2013 and is known as the world’s largest manufacturer of ASIC-miners, now controls 80 percent of this market, although a number of competitors to this upstart hoping to cut back on its dominance.
The largest competitor Bitmain, Canaan Creative has recently applied for an IPO in Hong Kong. Firm whose devices account for about 15 percent of the market believes that it could attract up to $ 2 billion.
Bitmain if the IPO is successful, the company will become not only the most valuable public company of the cryptocurrency, but it would cost more than two times greater than the chip maker AMD, which has a market capitalization of $ 14.8 billion.
Bitmain also began to develop a ASIC chips for applications related to artificial intelligence. General Director of Cihan Wu suggests that this direction will bring the company to 50 percent of revenue within five years.