• Mon, 14 Oct 2019, 03:18 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Tencent, Softbank back bitcoin mining giant Bitmain’s pre-IPO funding round - Report

Wed, 08 Aug 2018, 04:28 am UTC

Bitcoin mining giant Bitmain Technologies has closed a pre- Initial Public Offering (IPO) funding round, which brings its valuation to $15 billion, CoinTelegraph reported referring to a report from QQ News.

The latest round reportedly closed on Saturday and saw participation from a number of high-profile investors, including Tencent, Softbank, and China Gold.

Founded in 2013, Bitmain is leading bitcoin miner and mining chip designer, headquartered in Beijing. The company is reportedly planning to launch its IPO in September on the Hong Kong Stock Exchange at an estimated valuation of $30 billion.

Referring to an email received by Term Sheet, Fortune reported that Bitmain’s net profit stood at $1.2 billion and net margin at approximately 50% in 2017. The company has reportedly secured $1.1 billion in net profit just in the first quarter of 2018 and net profit for the full year is projected somewhere around $2 to $3 billion.

In July, Bitmain closed a $300-400 million Series B funding round, which brought it valuation to $12 billion. The round drew support from Sequoia China, Coatue, and EDBI.

This week, the company announced its expansion to Texas with its new blockchain data center and cryptocurrency mining facility. Bitmain also announced an investment of over $500 million over the next seven years into the new facility, which, it says, is in line with its strategic investment and expansion plans within North America.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,311.23 (-1.45%)
  • Ethereum (ETH) $183.33 (-0.60%)
  • XRP (XRP) $0.290200 (+3.86%)
  • Bitcoin Cash (BCH) $225.83 (-0.73%)
  • Litecoin (LTC) $56.70 (-1.29%)
  • Bitcoin (BTC) $8,311.23 (-1.45%)
Oct 14, 2019 (Monday)
12:06
BMW, Ford, GM and others working on proof of concept for blockchain-based vehicle identity system
12:01
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:01
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD finds stiff resistance at 21-EMA (58.62), breakout confirms further upside
10:46
G7 says global stablecoins like Libra pose threat to financial stability: Report
09:52
Global stablecoins could become systemically important: Financial Stability Board Chair
09:37
Crypto Technicals: Ripple (XRP) spikes higher, hits 4-week high (0.29369), bias bullish
09:07
Crypto Technicals: ETH/USD consolidates above 200H SMA, intraday bias turning bullish
07:01
U.S. IRS wants to know your crypto ownership in updated income tax form
06:59
U.S. SEC, CFTC, FinCEN issue rare statement warning crypto users to abide banking laws
06:56
Crypto Valley Association joins International Digital Asset Exchange Association
06:17
Crypto Technicals: BTC/USD extends sideways above 200H SMA support (8277), weakness likely on break below
06:17
tZERO and Box Digital-owned firm files with SEC to launch regulated security token market
06:10
Blockchain trade finance network Marco Polo pilots first trade transactions between Russia and Germany
06:08
Crypto exchange Coinbase secures e-money license from Central Bank of Ireland
04:30
World Federation of Exchanges urges UK FCA not to ban sale of crypto derivatives to retail investors
04:25
Telegram may postpone Gram token launch after SEC stops U.S. crypto sale
04:05
Mastercard, Visa, eBay, Stripe, Mercado Pago abandon Facebook-led Libra Association
Oct 11, 2019 (Friday)
13:27
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
13:11
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft