Bitmain App Valued At $12 Billion After Series B Round
Bitmain technologies have reported successfully raising $12 billion in funds through its series B round. As one of China’s most popular mining companies, as well as a leading figure in regards to mining chip development, the company has raised its current value to $12B, significantly higher than its series A round which raised a reported $50 million for the firm.
Announcements about the deal were made by a business media company operating in China, although the sources providing the information chose to maintain anonymity. The same sources provided a rough estimate of the expected equities, placing them anywhere from 300 to 400 million dollars.
IDG Venture Capital, Sequoia, Coatue and Singapore’s EDBI were all significant contributors to the second round of funding, with the first two investors contributing to the initial funding phase and returning for the second. As of this moment, a pre-initial public offering is being held by Bitmain and plans to join the Hong Kong exchange market later this year have been considered.
Sequoia Capital’s Chinese firm has allegedly already invested in Bitmain during the pre-IPO. Apart from its own revenues, Bitmain found a new value worth $12 billion after investments poured in.
Co-founder of Bitmain, Jihan Wu, mentioned publicizing the company and expand even further, stating that their decision to move forward could play a vital role in the cryptocurrency industry and the company’s future, setting a new standard as they adapt to international regulations regarding crypto. By doing so, the global crypto community will be better protected and see increased efficiency.
Leading mining companies in China, Canaan and Ebang have already applied for initial public offerings on the HK stock exchange although no official comments by company heads have been made. Concerns regarding the risk of centralization involving Bitcoin’s framework by Bitmain have also been raised due to Antpool and BTC.com controlling 42% of the entire mining efforts on BTC’s network.