Bitmain Reveals Plans for IPO

Karan Balwani

September 27, 2018 11:56 am

Cryptocurrency News

Bitmain Reveals Plans for IPO
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Bitmain has been repeatedly making headlines in the crypto space for the past few months. The cryptocurrency mining giant’s IPO has been in the pipeline for quite some time now.

The company has made their financial statements to the public for the first time. This confirms their intention to get listed on the Hong Kong stock exchange.

Even though the cryptocurrency market has shown a downward trend for the past few months, Bitmain does not show any signs of slowing down. In fact, it has 30 percent of its assets in cryptocurrencies.

While the market Bitmain has observed a nine-fold increase in its profits from last year. The KPMG audit revealed that the company has made $742.7 million dollars in the first half of 2018.

Bitmain Technologies was founded by the billionaire duo Jihan Wu and Micree Zhan. They started this company half a decade ago and have turned it into a $12 billion dollar venture. The company was able to increase its revenue to $2.8 billion, a ten-fold increase.

The decentralized nature of Bitmain has been applauded by cryptocurrency purists across the globe. The company’s decision to go through the traditional IPO route instead of ICO has also been acclaimed by the industry.

The financial disclosures that the company has made has revealed that over 40 investors are on board this project.

Even though the market looks dull, Bitmain has essentially doubled its customer base from last year. The firm catered to over 80,000 customers at the end of June 2018.

The document said, “We see a promising future for the application of ASIC chips in AI and will continue focusing on the AI chip market.”

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