Bitmain technology, the world’s largest exclusive of products used for crypto mining, long-established that it was bringing its IPO to Hong Kong where an important test of institutional investors will show interest in the crypto sector. Bitmain’s prospectus, investors’ first official look at its financial health, revealed that it made a profit of $742 million for the first six months of this year. There was a rise in the company’s revenue due to selling hardware to mine cryptocurrencies.
The procedure has not been without its share of disagreement. With major firms rejecting their role in a pre-IPO funding phase in an expansion that cast hesitation on the company. As the application is still in draft form and pending further listing hearings from the HKEX, it remains uncertain how much the company would value.
Bitmain had profits of $701.4 million in 2017 and $83 million at the start of 2018. The increase in revenues comes despite a slow growth in cryptocurrency prices and activity. The global cryptocurrency market has collapsed by almost 75 percent since the end of December 2017. Bitmain’s claims it has a 74.5 percent share of the global crypto mining hardware market according to business consultancy Frost & Sullivan.
As per the filing, the company did a total of $2,517,719,000 income. Bitmain has closely guarded the investors and numbers involved in those deals till now. Giving importance to the IPO deal, the prospectus also goes on to list China International Capital Corporation, Hong Kong Securities Limited and Commerce and Finance Law Offices on the money side of the public offering, as noted in CoinDesk news website.
Another news that was published in Business Insider stated that the company also functions 11 crypto mining farms across China and operates the world’s two biggest mining pools, BTC.com and Antpool. The company at present is looking to enlarge its developing microchips for artificial intelligence.
The post Crypto Mining Player Bitmain Officially Files For IPO In Hong Kong Stock Exchange appeared first on OWLT Market.
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