Mining Giant Bitmain Valued at $12 Billion in New Funding Round
Chinese bitcoin mining giant Bitmain has reportedly closed a Series B round funding, which values the firm at approximately $12 billion.
Bitcoin mining giant Bitmain has reportedly closed a Series B funding round that values the firm at approximately $12 billion.
Chinese news outlet Caixin reported on Friday, citing anonymous sources familiar with the deal, that although the exact number of the new equity financing is unknown, it's somewhere between $300 million and $400 million.
According to the report, leading investors in the new round include Sequoia Capital China, U.S. hedge fund Coatue as well as EDBI, a Singapore government-backed investment fund.
The news comes nearly a year after Bitmain raised $50 million in a Series A funding round, led by Sequoia Capital China and IDG Capital, as previously reported by CoinDesk.
Caixin's report also indicated that Bitmain is currently conducting a pre-IPO funding round and could go public on the Hong Kong Stock Exchange in the future.
The news, if true, would make Bitmain another Chinese bitcoin mining giant seeking an initial public offering (IPO).
As previously reported by CoinDesk, other major mining hardware makers in China, including Canaan Creative and Ebang Communication, have both filed IPO applications with the Hong Kong Stock Exchange.
A representative from Bitmain said the company has no comment on the news.
Image via CoinDesk
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.