Bitmain completes its pre-IPO round – Tencent invests in the Bitcoin mining company
According to QQ browser, Bitmain, the largest Bitcoin [BTC] mining company and Application-Specific Integrated Circuit [ASIC] chip producer has completed its pre-IPO round. The company has raised over $1 billion through the pre-IPO.
The speculation of secret IPO and Tencent investment in the company has been doing its roundabouts in the cryptoverse. The main investors of the pre-IPO of the Bitcoin mining company are Tencent, Softbank, and China Gold. The recent investment has placed the company’s valuation at $15 billion.
Tencent Holdings Limited, a Chinese multi-national investment firm, Softbank, a Japanese multi-national company and China Gold, a mining company have together invested $1 billion in the company.
In addition, the company is set to conduct its IPO in the next few days and is set to be applying for the IPO through the Hong-Kong Stock Exchange in the month of September. The Bitcoin mining company is set to go public by the end of this year.
The CEO of Bitmain, Jihan Wu has been reportedly been working on being listed on the exchange platform for several months. The company has availed the underwriting service China International Capital Corporation [CICC], one of the leading investment banking firms in China, for the same purpose.
Sylvain Ribes, a Twitterati says:
“This seems like an extremely low valuation for a company that supposedly reported $1b profit on Q1, even when discounting future earnings due to Bitcoin crashing”
Yang Ventures says:
“$14 billion. I’m a small LP in a fund that invested in Bitmain.”
Bitmain raised around $400 million in their Series B funding round. The Series A funding round investors included a venture capital firm, Sequoia Capital China, a United States Hedge Fund, Coatue and an investment fund, EDBI. The company raised over $50 million in its Series A funding round.
The company has been seeing a steady rise in profit over the past 6 months. The leading ASIC mining company made a profit of more than $1 billion in its Q1. The announcement of their first quarterly profit resulted in the re-emergence of the accusation that the company is involved in secret mining. However, the company had recently released four policies. The policy included zero-tolerance towards secret mining and claimed that they have never supported secret mining and will continue to abide by the policy even in the future.
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