Categories: ICO

Bitmain is going public for $18 billion

Click here to view original web page at

This story was delivered to Business Insider Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here.

Chinese crypto conglomerate Bitmain is reportedly filing for an initial public offering (IPO) in which it hopes to raise $18 billion, according to CoinDesk. Bitmain, which is the world's leading producer of crypto mining chips, or ASICs, has already closed $450 million in private funding from participants including Sequoia, GIC, and IDG Capital, as well as a $1 billion funding round led by Chinese tech giant Tencent and Japan's SoftBank.

Business Insider Intelligence
  • The company is set to file for its IPO in September 2018 for listing on the Hong Kong Stock Exchange (HKSE). According to documents seen by CoinDesk, the listing is planned for the end of 2018 or Q1 2019 and will be underwritten by China International Corporation. Bitmain's listing follows a raft of other Chinese unicorns going public, with direct crypto mining competitors Canaan Creative and Ebang Communication having also filled for listings on the HKSE.
  • This would mark the world's largest crypto-focused IPO, and one of the largest public floats in history. The record for the biggest IPO to date is held by Alibaba, which raised $25 billion in 2014, while Facebook's highly anticipated IPO raised $16 billion in 2012. Bitmain's anticipated public offering is set to dwarf the $1 billion target set by Canaan and Ebang, and could deliver the company a market cap of $40 billion to $50 billion.

Bitmain's decision to pursue an IPO could bring more legitimacy to the crypto space. The completion of such a large public offering by a crypto company would serve as a major step toward the mainstream for the entire industry, enabling large swathes of investors to get exposure to crypto-related activities on the public market.

Moreover, unlike ICOs, public stock offerings place regulatory scrutiny on companies and require them to meet certain transparency standards. This choice therefore could help Bitmain gain more credibility with investors, and suggests that crypto-focused companies are growing more cognizant of the need for a regulatory and legal framework to attract long-term investment, legitimize their businesses, and accelerate growth.

Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to:

Content like this delivered straight to your inbox daily
Access to 250+ expertly researched reports plus all future reports
Forecasts of new and emerging technologies in your industry
And more!

Learn More

Chinese crypto conglomerate Bitmain is reportedly filing […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Gartner sees blockchain as ‘transformational’ across industries, in 5-10 years

Credit: Dreamstime Research firm Gartner, whose past evaluations of blockchain have been conservative to say the least , expects the… Read More

5 hours ago

The Future Lies in Blockchain: Circle CEO Jeremy Allaire Backs China’s Cryptocurrency and Facebook’s Libra

The year is 2017. Cryptocurrencies and their underlying blockchain technology are sternly poised to take over the world. Investors, all… Read More

5 hours ago

Ethereum-based Staked Not Efficient, Claims DeFi Builder

Much like banks, there is competition with the Ethereum decentralized finance (DeFi) ecosystem; each protocol and ecosystem offers different benefits… Read More

5 hours ago

$20M Bond Trade on Ethereum Settled by Santander Bank

Banking giant Santander has just settled a $20M bond on the Ethereum blockchain. The bank settled both sides of the… Read More

5 hours ago

Aventus Announces Ethereum-Based Protocol to Enhance Ticketing Industry

The digital assets-focused blockchain-based protocol, Aventus, revealed its next code release Aventus Classic designed to create a more equitable and… Read More

5 hours ago

African Bitcoiner Returns 7.8 BTC ($80k) He Mistakenly Received

In an industry where people lose their crypto-assets for even the most minor lack of security consciousness, an African bitcoin… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More