Bitmain Seeks $1 Billion New Pre-IPO Funding
Bitcoin mining giant Bitmain is now aiming to raise another $1 billion through its new pre-IPO funding, shortly after it completed a Series B funding of US$300-400 million headed by Sequoia Capital.
According to Chinese news source Touchweb, the new one-billion fund will be completed by the end of this month and will boost its valuation rise up to US$15 billion.
The leading investors in this round of capital raising include Sequoia Capital Chain, U.S. hedge fund Coatue and Singapore state-run investment fund EDBI.
Bitmain is a highly profitable Bitcoin mining company that is based in China, but to confine it to a mere mining company would be inaccurate.
Bitmain is also reportedly targeting a launch of an Initial Public Offering (IPO) in Hong Kong. And the listing application would be submitted to the Hong Kong Stock Exchange (HKSE) in this August for an official launch in late 2018.
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