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China’s IT Giant and Uber’s Biggest Shareholder to Support Bitmain’s IPO

  • Yuri Molchan
    📰 News

    The two large companies plan to take part in the IPO of Bitmain, leader in the mining industry


China’s IT Giant and Uber’s Biggest Shareholder to Support Bitmain’s IPO

The leader of the crypto mining equipment production, Bitmain, planning to start an IPO soon, has engaged with the Tencent conglomerate and Japan’s Softbank, the Uber’s biggest shareholder. The two heavyweights have already supported Bitmain’s first fundraising round and plan to invest more.

Bitmain’s IPO is scheduled for the end of 2018.

Pre-IPO finance round

At the end of last week, Bitmain completed the preliminary rounds of fundraising, collecting $1 bln and now the market value of the company totals $15 bln.

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The Chinese media reports that the Tencent IT giant and Japan’s Softbank, have taken part in this round of fundraising. The latter, apart from investing in startups around the world, is also known to be Uber’s biggest shareholder.

Analysts believe that the coming of these two massive investors highlights the fact that the crypto- and mining industry are gaining substantial weight in the finance industry.

Bitmain’s healthy profits

Earlier this year, the mining equipment producer reported high revenues, earning around $1.1 bln in the first quarter of 2018. After closing the recent round of financing in June, the market value of Bitmain spiked over 16 percent within just over a month and now totals $15 bln.

Let the IPO commence

The leading Chinese media sources also claim that Bitmain has started listing on the Hong Kong Stock Exchange through the services of China International Capital Corp.

Insider information that has leaked into the press says that Bitmain plans to begin the initial public offering (IPO) with a market capitalization of around $30-40 bln before 2018 ends.

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Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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