Biggest Chinese Cryptocurrency Mining Farms To Go Public

Three of the largest cryptocurrency mining companies in China go public. This is despite the dismal performance of Bitcoin in the recent times.

These three farms are Ebang International Holdings, Canaan Incorporated, and Bitmain. All of them manufacture devices known as ASICs. These devices are particularly designed for mining cryptocurrency. Plus, Bitmain also has many Bitcoin mining pools in China.

In May this year, Canaan filed for its Initial Public Offering. The company initially announced a target of 2 billion USD. It later changed the target to 400 USD million.

Canaan had applied for the IPO to the stock exchange in Hong Kong. However, they were informed to make some changes in their procedures. In fact, it is yet to freeze a date for meeting the listing committee.

The company had mentioned its revenue as 204 million USD in the filing of which it earned a profit of 56 million USD. Plus, the mining farm raised a funding of 43 million USD in 2017. Apparently, the farm is being backed by financial institutions like Morgan Stanley, Deutsche Bank, CMB International, and Credit Suisse.

Meanwhile, Ebang had filed for its Initial Public Offering in June this year. It is supposed to face the relevant committee in the month of September this year.

Bitmain’s Impressive Figures

Although the above figures may appear impressive, Bitmain surpasses all of them. Analysts at Bernstein have estimated that Bitmain is in control of 3 quarters of the ASIC sales. Additionally, its cryptocurrency mining pools are dominant in the country. The IPO places the farm amongst the top Initial Public Offerings in the history, digital currency or not.

In fact, Bitmain, a major cryptocurrency mining farm in China values itself at 18 billion USD, Finance Magnates reported. It intends to raise about 3 billion USD through selling its shares. Several cryptocurrency businesses claimed to earn an enormous hike in profits in 2017 when digital currencies exploded in value.

 

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