Bitmain, a Chinese crypto giant, thrives in spite of China’s restrictive policies on crypto industries; sealing the deal with colossal shareholders as investors in a pre-IPO financing round.
Go, Grow, Sow
The crypto mining hardware manufacturer, Bitmain, continues to garner record profits in a market not exactly friendly to cryptocurrencies.
Based on a report, it’s investors in its pre-IPO round are Tencent, China’s largest technology company; and Japan’s Softbank, Uber’s mega shareholder. Later this year, Bitmain is also attracting interest from some of the world’s biggest investors and companies even before its initial public offering (IPO) on the Hong Kong Stock Exchange.
“The current round of financing will be delivered in the near future, and the Bitmain will be handed over to Hong Kong in September and is expected to market at $30 billion a year.”
Bitmain aimed at securing $1 billion in financing that would bring their firm’s value closer to $15 billion.
QQ, a Chinese publication reported that Bitmain already completed the pre-IPO raise on Saturday. The financing round includes Softbank and Tencent, which is also the developer of the popular social media platform WeChat.
Furthermore, QQ “added”:
“A new round of pre-ipo rounds of funding is under way to finance $1 billion, estimated at $14 billion and valued at $15 billion after Bitmain has just completed a $12 billion valuation financing by Sequoia at the end of June.”
In their report, QQ confirmed that Bitmain hired China International Capital Corp (CICC), China’s oldest investment bank, as its lead underwriter. Bitmain begun this process to be ahead of the awaited IPO on the Hong Kong Stock Exchange (HKEX) in September.
This is not Bitmain’s only move towards growth. It recently “expanded” its reach to Texas – creating partnerships and job opportunities for those interested in blockchain technology and cryptocurrency mining.
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