The world’s largest maker of bitcoin mining chips is reportedly hoping to raise $18 billion for what could end up being the largest IPO in history

Technology
Jihan Wu

Cryptocurrency mining chip maker Bitmain hopes to raise $18 billion for an IPO in the coming months, according to documents obtained by CoinDesk.
If the company raised $18 billion at a market capitalization of $40 to $50 billion, that could make it the largest IPO in history.
In June, Bloomberg reported that Bitmain was planning to go public to further its pursuits in producing hardware for artificial intelligence technology.

The world’s largest producer of cryptocurrency mining chips, Bitmain, is planning to file for an initial public offering in September, according to documents obtained by CoinDesk.

According to the documents, CoinDesk reports Bitmain’s proposed public offering could end up being the largest in history: The company reportedly hopes to raise $18 billion IPO on the Hong Kong Stock Exchange at a market capitalization of $40 to $50 billion.

While Bitmain’s primary industry has been producing integrated circuit chips used to algorithmically “mine” cryptocurrencies like bitcoin, the company recently began to manufacture chip hardware for the artificial intelligence industry.

Bitmain is headed up by 32-year-old Jihan Wu, who founded the Beijing-based company only five years ago with the vision that digital currencies would be the de facto money of the future.

In June, Bloomberg reported that Wu was considering taking his company public and that Wu plans to position Bitmain as a ruthless competitor in the circuit chip industry.

So far, Wu’s pursuit has proved overwhelmingly successful: In the few short years since it was founded, Bitmain has become one of the world’s most valuable cryptocurrency companies. In the first sixth months of 2018 alone, the company raked in $2.5 billion in revenue, according to Bloomberg.

The company has received $450 million in funding from investors including Sequoia, GIC, and IDG Capital.

Bitmain did not immediately respond to a request for comment on any IPO plans.

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Source:: Business Insider – Tech

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