How Top Cryptocurrency Companies and Mogus to Find Out Real Earnings and Value Soon
Cryptocurrency Tycoons Will Find Out How Much They Are Really Earning
Three of the largest makers of cryptocurrency mining devices, Bitmain Technologies, Canaan and Ebang International Holdings, are pursuing stock listings in Hong Kong. This will give them an idea of how much the public values these companies that are among the most important in the virtual currency space.
If they are able to proceed and be traded in Hong Kong, that would represent a test on whether the fortunes made by the founders of these companies are sustainable or not. We are talking about Bitmain’s Jihan Wu, Canaan’s Zhang Nangeng, and Ebang’s Hu Dong.
Since the beginning of the year, Bitcoin and most of the virtual currencies lost between 60% and 95% of their value.
One of the main risks that these Top Cryptocurrency Companies are facing is that the bear market could reduce the demand for specialized cryptocurrency miners. However, these companies are moving towards artificial intelligence and other fields in order to reduce their dependency on the cryptocurrency market. If they go public, investors would be able to show how they see the prospects of these companies.
As there is no clear information about the financial results of crypto mining gear makers IPO’s could show what crypto mining tycos are really worth.
According to data provided by Bloomberg, Bitmain’s Micree Zhan and Jihan We may have an estimated net worth of $4,929 million dollars. Bitfury’s Valery Vavilov and Valery Nebesny, $739 million dollars. Canaan’s Zhang Nangeng, Liu Xiangfu and Li Jiaxuan, $557 million dollars. Finally, Ebang’s Hu Dong and its family may have an estimated net worth of $763 million dollars.
At the moment, Bitmain is the industry’s dominant player. The IPO that it is planning could raise over $3 billion dollars, according to people with knowledge in the matter. Micree Zhan and Wu own 60% of the company.
Bitmain does not only sell mining gear, instead, it also operates some of the most important mining collectives. Members are able to combine their processing power and split their reward between all of them.
Bitfury recorded $450 million dollars of revenue in 12 months, according to a spokesman related to the company. Both the CEO and co-founder Valery Vavilov and Valery Nebesny, share a majority stake in Bitfury.
The founders of Canaan, control 17% each, and Hu and his family own more than two thirds of Ebang.
Due to the fact that virtual currency prices are declining since the beginning of the year, they may now be searching to sell shares. In this way, owners would be able to capture some of the gains that they have made growing the business.
The funds may come from fund managers that are bullish on the cryptocurrency space but don't want to hold virtual currencies. Additionally, stocks would clearly offer investors exposure to artificial intelligence.