CoinDesk, a major cryptocurrency trading company shared that Bitmain Technologies is all set to file for a massive IPO (Initial public offering) of about 18 billion USD. The IPO is reportedly being introduced in September this year and is expected to be at a market cap of 40 to 50 billion USD.
Cryptocurrency trading company CoinDesk is said to have got hold of some documents that reveal news about Bitmain Technologies’ plans to introduce a large IPO this year. The IPO of this cryptocurrency mining company is expected to be listed on the stock exchange of Hong Kong.
The IPO is likely to hit either in the last quarter of the current year or in the first quarter of 2019 in the midst of a series of Chinese unicorns to be launched in the public markets. There could be Bitcoin mining rivals in the form of Ebang Communication and Canaan Creative.
On July 23, Bitmain, which is considered as a major cryptocurrency company closed a one billion USD pre-financing round for its forthcoming IPO at an impressive valuation of 15 billion USD. It was approximately twice the valuation (8 billion USD) estimated by the cryptocurrency trading firm Coinbase in April.
Bitmain Can Displace Social Media Giant Facebook
However, the possibility of the 18 billion IPO valuations can lead to Bitmain displacing Facebook as the biggest ever public offering. SoftBank Group is tipped to be number one and Tencent Music is expected to be the second top IPOs for Alibaba and Spotify during the same fiscal time period, CoinDesk reported.
While no disclosure has been made yet about the volume and share price of the upcoming IPO by Bitmain, some investment banks have calculated the ratio of P/E to be twenty within the first year of its public trading. The upcoming IPO will definitely be a major landmark in the history of cryptocurrency trading.
The post Cryptocurrency Trading Company CoinDesk Reports Bitmain Technologies To File For IPO appeared first on OWLT Market.
from OWLT Market https://ift.tt/2McdaLd
via IFTTThttps://ift.tt/2OlCCL9
CoinDesk
ReplyDeleteThis is one of the top new sources for bitcoin enthusiasts. In fact, it is the largest bitcoin news media platform in the world. The site is packed with reports and tools that break down the trends and patterns in cryptocurrency. I recommend checking out the reports on the research page.
CoinDesk
ReplyDeleteThis is one of the top new sources for bitcoin enthusiasts. In fact, it is the largest bitcoin news media platform in the world. The site is packed with reports and tools that break down the trends and patterns in cryptocurrency. I recommend checking out the reports on the research page.