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Chinese Mining Firm Bitmain Valued At $12Bn

One of the largest Bitcoin (BTC) mining companies internationally, Bitmain, is now valued at $12 billion succeeding a Series B round of funding.

Bitmain upraised between $300 million to $400 million from Sequoia Capital subsidiary Sequoia China, U.S. hedge fund Coatue, and Singapore-based governmental investment fund EDBI. Beijing-based Bitmain had received $50 million In September 2017 in a Series A funding round from Sequoia Capital and IDG Capital.

According to Jihan Wu the company’s CEO the company has plans to conduct an initial public offering (IPO) in Hong Kong also, an IPO in the region would be an appropriate means for letting early investors to cash in their funds.

On the other hand one of the Bitmain’s main competitors, China-based Canaan Creative, had announced that it would start an IPO on the Hong Kong Stock Exchange in July.

Bitmain crypto exchange

Bitmain Technologies is a privately held company that develops Bitcoin mining hardware and ASIC chips. The firm reportedly held 70-80 percent of the market for Bitcoin mining hardware in February 2018. Bitmain also operates one of the largest Bitcoin mining pools, Antpool. In 2017, the company was reported to be present in the expansion of Ant Creek mining centers in the U.S.

Bitmain had led a $110 million funding round for US cryptocurrency firm Circle, trading desk, a retail-focused brokerage app, a cryptocurrency exchange, and plans to shape a USD-pegged “stablecoin.”

Particularly, Sequoia Capital China is presently involved in a legal battle with cryptocurrency exchange Binance based out of Hong Kong who the VC company has sued for allegedly disrespectful an individuality agreement stopping from fundraising discussions held last year.

As Coin Telegraph reported, Bitmain has even started designing ASIC marks for wrong intelligence-related applications, and CEO Jihan Wu has stated that this field could account for 50 percent of the company’s income within five years.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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As a professional blogger and news writer, Akshada presents unique pieces that are logical, well-structured and appealing to the audience.

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