Bitmain gets a $ 15 billion valuation with the recent support of Uber's largest shareholder


Bitcoin (BTC) mining giant Bitmain is now valued at $ 15 billion after closing a pre-initial public offering (IPO) funding with the support of high-profile investors, QQ News reported on August 4

The new financing agreement, which is said to have closed on Saturday, includes in particular the investments of the Chinese technological conglomerate Tencent and the Japanese Softbank, another technology giant whose 15% in Uber makes it the largest shareholder of the app that greets the ; app.

Tencent, meanwhile, is the developer of China's dominant social media platform WeChat, which has over 1 billion global users and has exceeded the market capitalization of Facebook by $ 72 billion in March of this year .

According to QQ, Bitmain is planning to launch its IPO on the Hong Kong stock exchange this September at an estimated valuation of $ 30 billion. As previously reported by Cointelegraph, Bitmain CEO Jihan Wu hinted at the IPO plans at the beginning of June.

In February 2018, Bitmain held 70-80% of the global Bitcoin mining hardware market and reported between $ 3 and $ 4 billion in Operating Profit in 2017 – higher than the Nvidia manufacturer of the US Graphics Processing Unit [19659002] At the end of July, Fortune reported that Bitmain earned about $ 1 billion in net profit for the first quarter of 2018, the same month that it closed a $ 300-400 million in Series B funding that moved the valuation up to $ 12 billion

Meanwhile, another Chinese crypto mining company, Canaan Creative, is planning to launch its IPO – also on the Hong Kong stock exchange.

Just yesterday, Bitmain revealed that it will build a $ 500 million blockchain data center and a Texas mining facility as part of its expansion into the US market, hoping to start center operations by early 2019. [19659009] window.fbAsyncInit = function () {FB.init ({appId: & # 39; 1922752334671725 & # 39 ;, xfbml: true, version: & # 39; v2.9 & # 39;}); FB.AppEvents.logPageView (); }; (function (d, s, id) {var js, fjs = d.getElementsByTagName (s) [0]; if (d.getElementById (id)) {return;} js = d.createElement (s); = id; js.src = ""; fjs.parentNode.insertBefore (js, fjs);} (document, & # 39; script & # 39 ;, & # 39; facebook-jssdk & # 39;)); [ad_2]Source link