Bitmain, the Bitcoin mining behemoth continues to enjoy rapid expansion and a greater market share of the cryptocurrency mining niche. The company recently announced plans for an initial public offering (IPO) as well as 2018 first-quarter profits of more than $1 billion. Also, the company reportedly controls a large chunk of the Bitcoin mining hashrate.
According to Fortune, Term Sheet received a confidential email for an inside source with the coming, containing some financial details of the firm. Bitmain raked in $1.1 billion in profits in the first quarter of 2018. This figure is a little shy of the $1.2 billion profit made by the company in the whole of 2017.
According to the email, a conservative estimate of what the company could earn in net profit for the full year hovers at approximately $2 to $3 billion.
The email also says that “Bitmain plans to file for an IPO very soon.” Recently, company CEO, Jihan Wu, spoke about the company’s plans to conduct an ICO in Hong Kong. If the plan does go through, the company would be following in the footsteps of Canaan Creative, another Bitcoin mining firm.
One of the major driving forces for the IPO plan is to desire to provide an opportunity for company investors such as IDG Capital and Sequoia Capital to recoup their investments. Bitmain finished its latest funding round in June 2018, raising about $400 million which increased the company’s valuation to $12.
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