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Bitmain Raised $300 Million-$400 Million in Series B Funding with $12 Billion Valuation

Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding with a valuation of $12 billion, according to Caixin, a Chinese financial media outlet.

Leading investors in the new round include heavyweight Sequoia Capital China, U.S. hedge fund Coatue and EDBI, a Singapore state-run investment fund. The financing scale is somewhere between $300 million to $400 million.

It comes nearly a year after the company raised $50 million in the Series A funding from Sequoia Capital China and IDG Capital at that time.

The report also indicated that Bitmain’s pre-IPO funding is underway. It seeks to go public in the Hong Kong Stock Exchange this September, and expects to be officially listed before the end of the year. The market value is expected to reach $40 billion upon listing.

As the global giant of crypto mining hardware, Bitmain has established a complete blockchain and cryptocurrency ecosystem on chips, miners, mining farm, mining pools and cloud mining service. Its products are sold in over 100 countries and regions with a dominant market share.

In 2017, Bitmain has made $2.3 billion in sales and a net profit of $1.5 billion, valued at billions of dollars at that time. The performance of Q1 2018 alone has already been close to that of year 2017.

The news actually has been previously reported by 8btc in June citing anonymous insiders. Now it is confirmed by the heavyweight media outlet on Friday.

Prior to it, the other two crypto miner makers of the Big Three in China – Canaan (Avalon) and Ebang (Ebit) – have filed IPO applications to the Hong Kong Stock Exchange.


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