Bitmain Finalizes Pre-ICO as Tencent Leads Bitcoin Mining Investment


Bitmain Pre-ICO and Tencent Invests in Bitcoin Mining

Bitmain, a large Bitcoin BTC mining platform and Application-Specific Integrated Circuit (ASIC) chip producer has successfully completed its pre-ICO and in the process, raised $1 billion.

The crypto community speculates that Tencent, a Chinese investment holding company, invested in Bitmain and its pre-ICO. Due to the investment, the company has been valued at $15 billion. In addition to Tenecent, other companies, such as Softbank and China Gold invested as well. Together, the group invested $1 billion.

Bitmain’s next step is to conduct an IPO within the next few days and it will apply for the IPO through the Hong-Kong Stock exchange in September. Further, the company may go public by the end of 2018.

Jihan Wu, Bitmain’s CEO, is reportedly working on a exchange platform and is using China International Corporation’s underwriting services.

Bitmain also raised funds during its funding rounds. For example, during series B, it raised $400 million. In series A, it raised over $50 million from investors such as Sequoia Capital China, Coatue, and EDBI. Moreover, Bitmain has been improving its profits over the past few months. In quarter one, it earned a profit of $1 billion. However, the profits are not without question – some accuse the platform of secretly mining. This would contradict a zero-tolerance of secret mining policy that the company has in place.

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