Media: Bitmain Plans to Raise $3Billion for IPO
Main page News, Mining, IPO

Bitmain plans to conduct an initial public offering (IPO) in Hong Kong and raise $3 billion, which is six times less than the amount that was previously announced, as cited by Bloomberg.

The company will apply for listing on the Hong Kong Stock Exchange in September, sources say. The details of the Bitmain IPO have not yet been approved, and the final goal of attracting funds can be changed, Bloomberg's sources reported. The representative of Bitmain declined to comment on the situation.

It is noteworthy that the CEO of Bitmain Cihan Wu previously said that he intends to expand the range of Bitmain's activities and bring the company to the market of artificial intelligence (AI). Many representatives of the crypto community reacted to these plans with a share of skepticism.

The Chief Strategy Officer of a blockchain company Blockstream Samson Mow believes that the upcoming Bitmain IPO is very risky for investors, as the company bought Bitcoin Cash, without even knowing about the critical vulnerability in the protocol found by the Bitcoin Core developer Cory Fields.

This week, Mow tweeted a documentation for potential investors the largest manufacturer of mining equipment. According to the documents, the company could lose almost $500 million due to a decrease in the rate of Bitcoin Cash (EXANTE: Bitcoin.Cash) over the past three months. Note that at the beginning of the year Bitmain sold most of the bitcoins (Bitcoin) and seriously increased its position on Bitcoin Cash.

Bitmain Hopes IPO Raises $18 Million


  • Earlier in the media there was information that Bitmain intends to raise $18 billion with an IPO. In this case, the capitalization of the mining giant could reach $50 billion.
  • Bitmain IPO is a significant for the company and industry event. However, if the new data are correct, the IPO will no longer be able to claim the title of one of the largest in history. Earlier it was assumed that the Bitmain campaign could eclipse Facebook's IPO. In 2012, the social network managed to attract $16 billion when placing its securities.
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