Leading Bitcoin[1] (BTC) mining[2] company Bitmain[3] is now valued at $12 billion following a Series B round of funding, local news outlet Caixin[4] reports July 6.
According to Caixin, Bitmain raised between $300 million to $400 million from Sequoia Capital subsidiary Sequoia China, U.S.[5] hedge fund Coatue, and Singapore-based governmental investment fund EDBI. In September 2017, Beijing-based Bitmain received[6] $50 million in a Series A funding round from Sequoia Capital and IDG Capital.
In early June, the company’s CEO Jihan Wu said he is “open” to plans[7] to conduct an initial public offering[8] (IPO) in Hong Kong. Wu said that an IPO in the region would be a suitable means for allowing early investors to cash in their funds.
In May, one of Bitmain’s main competitors, China[9]-based Canaan Creative, announced[10] that it would start an IPO on the Hong Kong Stock Exchange in July. In an interview[11] with Reuters in April, Canaan co-chairman Jianping Kong said, “We ... prefer listing outside mainland China as we are in a global business.”
Founded[12] in 2013, Bitmain Technologies is a privately held company that develops Bitcoin mining hardware and ASIC chips. The firm reportedly held[13] 70-80 percent of the market for Bitcoin mining hardware in February 2018. Bitmain also operates one of the largest Bitcoin mining pools, Antpool[14]. Earlier this year, the company was reported[15] to be involved in the development of Ant Creek mining centers in the U.S.
