SoftBank Denies Signing Deal With Bitcoin Mining Company Bitmain

It seems that SoftBank is not getting involved in cryptocurrencies with the Bitcoin mining company Bitmain. According to an official from the company, the investment deal that has been reported in the last weeks is not real.

The reports informed that that the Chinese tech conglomerate Tencent and the Japanese SoftBank – that has a 15% in the famous company Uber – were involved in Bitmain’s pre-Initial Public Offering (IPO).

Kenichi Yuasa, part of the Corporate Communication Office of SoftBank Group Corp., explained that they are not involved in any deal related to Bitcoin.

Mr. Yuasa commented on the matter:

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”

The Chinese publication QQ reported on August 4, 2018 that Tencent and SoftBank were going to participate in a deal with Bitmain. After these reports, mainstream media sources such as Business Insider, reported that these companies were interested in investing in Bitmain.

Jihan Wu, Bitmain CEO, said that the firm is planning to launch its IPO on the Hong Kong Stock Exchange.

It is important to mention that Bitmain is one of the biggest companies in the cryptocurrency world and it is trying to expand from the crypto mining industry to Artificial Intelligence (AI). It shall be very interesting to see how the bitcoin mining kingpin IPO plays out in the coming months as it is one of the four biggest cryptocurrency-related businesses and companies in the world (along with Coinbase, Upbit and Binance) as their recent pre-IPO investor deck revealed quite a few insightful things in which many questioned and wondered why the push for IPO as of late.

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