$12 Billion: The Value of Mining Giant Bitmain in the New Funding Round
Bitmain, the Chinese bitcoin mining giant reportedly closed a Series B funding that valued the company at around $12 billion. Caixin, Chinese business media reported on Friday the equity financing was somewhere between $300 and $400 million, though it is still unclear according to the media’s anonymous sources privy to the deal.
The report further claimed that the leading investors in this new deal include the U.S hedge fund Coatue, Sequoia Capital of China and EDBI, which is a government-backed investment fund from Singapore.
These reports have come just a year after Bitmain conducted its Series A funding round in which it raised about $50 million. This first round funding was led by two major investment companies IDG Capital and Sequoia Capital China according to reports from CoinDesk.
Also, in Caixin’s report, Bitmain is at the moment carrying out a pre-IPO funding round. The firm is also thinking of going public in the Hong Kong Stock Exchange in the near future. If these reports are anything to go by, then this will make Bitmain another Chinese bitcoin mining firm to seek an initial public offering (IPO).
The other significant mining firms in China according to CoinDesk reports are Ebang communication and Canaan Creative. They have since both filed an IPO application to the same exchange as Bitmain. In spite of all these reports there haven’t been any official communication from any representative at Bitmain. The firm seems to have decided to keep this news just for the time being.
Not every is happy with Bitmain being on top of the crypto mining world.
This is realistic way of thinking. But people invest in fiat cash funds as well, which cant be more centralized than they are. And most of them still belive that centralization equals safety!
They think that crypto is fraud thou… wierd world it is.
— NewWorldBank (@NewWorldBank2) July 6, 2018
Its funny because they hold roughly 20b of BTC. So technically valued at negative 8b:) But when you are corrupt and shady you take what you can get.
— BG Iradji (@BGIradji) July 6, 2018
Bitmain is killing it.. @BITMAINtech plz let the customers/ miners eat.. im tired of all your miners becoming obsolete less than 4 5 months mining smh..
— Tazz Alam (@bitcointazz) July 6, 2018
12 billion but still silently holding millions of btc. It ia a slowly Ticking money bomb
— Crypto Doge (@cryptodoger) July 6, 2018