One of the largest Bitcoin mining companies in the world, Bitmain, is currently valued at $12 billion after the Series B round of funding concluded. The news comes from a Chinese news outlet named Caixin and its reports on July 6th.
According to the outlet, Bitmain raised more than $300 million and less than $400 million from Sequoia Capital’s subsidiary Subqouia China, the US hedge fund Coatue and the Singapore-based governmental investment fund EDBI. In September, Bitmain also received $50 million in a Series A funding round from Sequoia Capital and IDG Capital.
Meanwhile, the CEO of Bitmain, Jihan Wu, said that he is “open” to plans about conducting an initial public offering (IPO) in Hong Kong. According to him, an IPO would be a suitable means for allowing early investors to cash in their funds.
In May this year, a competitor of Bitmain named Canaan Creative, also announced that it would start an IPO on the Hong Kong Stock Exchange in July. As Reuters reported in April, the co-chairman of Canaan Jianping Kong said “We … prefer listing outside mainland China as we are in a global business.”
Bitmain Technologies was founded in 2013 and remains a privately held company that develops Bitcoin mining hardware and ASIC chips. The firm held 70% to 80% of the market for Bitcoin mining hardware in February 2018 and also holds one of the largest Bitcoin mining pools, Antpool.
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