• Tue, 20 Aug 2019, 09:32 AM
  • 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) $10,657.90 (-0.46%)
  • Ethereum (ETH) $196.54 (-1.78%)
  • XRP (XRP) $0.275200 (-4.02%)
  • Bitcoin Cash (BCH) $318.18 (-1.00%)
  • Litecoin (LTC) $75.61 (-3.00%)
  • Bitcoin (BTC) $10,657.90 (-0.46%)
Aug 20, 2019 (Tuesday)
09:26
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
09:03
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
08:00
New York court denies Bitfinex, Tether's lack of jurisdiction claim
07:16
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
07:15
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
06:39
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
06:35
Cybersecurity veteran David Damato joins crypto exchange Gemini
05:42
Deloitte unveils demonstrational platform for blockchain solutions
05:36
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
04:36
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
03:50
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
03:41
Philippines' central bank approves 2 new cryptocurrency exchanges
03:38
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
13:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:36
World Bank raises another $33M for Kangaroo bond via blockchain technology
12:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:49
Silvergate Bank reveals plans to offer crypto-backed loans this year
11:18
Crypto Technicals: IOT/USD bias higher on intraday charts, 'Death Cross' and 21-EMA resistance likely to keep upside limited
10:35
Crypto Technicals: BTC/USD breaks above 55-EMA, scope for upside resumption
10:34
Binance seeks to empower countries to spur new currencies via new open blockchain project ‘Venus’
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft