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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.

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