Bitmain, the Bitcoin mining giant has decided to go public with its IPO on Bitcoin Cash. The initiative can be a big boost for the cryptocurrency space.
If Bitmain Technologies Ltd., the Beijing based firm tastes success with its recent initiative, it can put the valuation of the company at 40 USD to 50 billion USD. The mining company has plans to list itself on the stock exchange of Hong Kong in the last quarter of 2018 or the first quarter of 2019.
Bitmain’s IPO worth 18 billion USD can make it feature among the top five biggest initial public offerings ever. It has moved ahead of even Facebook and just behind Alibaba.
Incidentally, Bitmain is a name to reckon with in the world cryptocurrency community. It is one of the most prominent producers of mining hardware and Bitcoin miners. It is because of its top position in the Bitcoin mining space that Bitmain has come up as a profitable firm in the field of Blockchain.
Bitcoin Earns More Revenue From Sale Of Mining Hardware
Bitmain had reportedly earned revenue worth 2.5 billion USD in 2017. The first quarter of 2018 saw it booking a net profit worth 1.1 billion USD.
About 96 percent of the company’s revenue is generated by selling digital currency mining hardware. Just three percent is generated from its other services and mining operations. According to an estimate, its Antminer series of mining rigs has a market share of about 85 percent in the global hardware market for BTC mining.
The Bitcoin mining company has reportedly closed its pre-IPO funding round of one billion dollars, Brave New Coin reported. The round saw Bitmain receiving financial backing from investors like tech organizations Softbank and Tencent and Coatue Management, the U.S. based hedge fund. Just before this, the month of June saw a successful series of B funding. Bitmain raised around 400 million USD from many top venture capital funds then.
The post Bitcoin Mining Giant Bitmain, Goes Public With IPO On Bitcoin Cash appeared first on OWLT Market.
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