According to Local media outlet Touchweb, Chinese bitcoin mining giant Bitmain has reportedly seeking a new pre-IPO funding of US$1 billion, shortly after it completed a Series B funding of US$300-400 million headed by Sequoia Capital.

Based on the report, 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. Touchweb also disclosed that Bitmian is about to launching an initial public offering (IPO) in Hong Kong and they will submit the listing application to the Hong Kong Stock Exchange (HKSE) in this August for an official launch in late 2018. As of press time, Bitmain declined to comment on this issue.

As the largest crypto mining hardware manufacturer in the world, its market share is 3 to 5 times higher than the its most prominent competitions Canaan. The Bitmain-based mining pools collectively accounting for nearly 50% of all Bitcoin mining power and its ASIC dominance may continue as it completed a Series B funding of US$ 400 million.

The leading investors in this round of capital raising includes Sequoia Capital Chain, U.S. hedge fund Coatue and Singapore state-run investment fund EDBI.

The firm also raised US$50 million in the Series A funding from Sequoia Capital China and IDG Capital in last September.

Jihan Wu, founder of Bitmain, disclosed that Bitmain’s revenue in 2017 reaches US$2.5 billion which is more than 8 times of its 2016 revenue. Its net profit in 2017 is 15 times of that in 2016. The number of Bitmain in Q1 2018 is already close to the full year data of 2017. Bitmain’s gross margin is as high as 60%.

Meanwhile, in ICWise’s 2017 Top 10 Chinese IC Design Company Ranking List, Bitmain ranks only second to Hisilicon.

In May, Jihan Wu has stated that he dose not exclude the possibility of launching an IPO. Several Chinese media mentioned that Bitmain is about to submit the listing application to HKSE to enter the public market while Bitmain declined to comment.