Bitmain plans to hold IPO outside China

One of the largest manufacturers of equipment for mining, the operator of pools and service of cloud mining, the Chinese company Bitmain is planning an initial offering of securities (IPO) outside of China.

As the head of Bitmain, Have Csihar is considering Hong Kong or the platforms where the trade is conducted in U.S. dollars, and potential investors of the company called Sequoia Capital and IDG Capital.

Public sale of stock will be a landmark event for Bitmain and the wider kriptonyte, which is slowly emerging from the shadows. Miners, developers and venture capitalists prefer greater transparency, as they are trying to reassure regulators and prove that last year’s boom associated with the digital asset is not related to the bladder.

Raising funds for the IPO will allow Bitmain to actively develop new directions, such as artificial intelligence – an area that has the full support of the Chinese authorities, unlike cryptocurrencies.

«The goal is to promote our technology beyond what we have already achieved,» said W.

Bitmain is considered to be the dominant manufacturer of equipment for mining – its share is almost 80% in the market of mining equipment. According to Wu, in 2017, the Bitmain revenue was $2.5 billion, and he and co-founder of Mikri Zhang own about 60% of the business.

The company sells ASIC miners for cryptocurrency mining worldwide, and also manages the two largest mining pools of two networks of BTC and Bitcoin Cash: Antpool and BTC.com.

In April, the main competitor to Bitmain in China, Canaan Creative has announced its intention to conduct the primary placement of securities on the Hong Kong stock exchange. According to some, he plans to raise $1 billion, which is 12 times less than the total revenue of Bitmain for 2017.

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