Bitmain Technologies, Ltd. has decided to go public.
The cryptocurrency mining company is filing for an initial public offering (IPO), as high as $18 billion this September at a market capitalisation of $40 to $50 billion. It will be underwritten by China International Capital Corporation and listed on the Hong Kong Stock Exchange in Q4 2018 or Q1 2019. The bitmain’s announcement comes amidst a wave of Chinese unicorns hitting the public markets, including bitcoin mining competitors Canaan Creative and Ebang Communication.
Bitmain, One of the most valuable cryptocurrency companies, closed a $1 billion pre-IPO financing round on July 23 at a $15 billion valuation, which is nearly two times of Coinbase’s $8 billion valuation.
Now, the possible $18 billion IPO sticker price would make Bitmain to displace social giant Facebook as one of the largest public offerings in history. SoftBank Group and Tencent Music are expected to top Alibaba and Spotify for the number one and two IPOs of all-time in the same fiscal period.
Tencent Holdings, Ltd., Softbank Group, China National Gold Group and an unnamed sovereign wealth fund managing $15 billion in assets participated in the pre-IPO round. A minimum commitment of $5 million was deadlined by July 18 and signed over to Bitmain Technologies Holding Company, the offshore Cayman Islands investment holding group that has been linked to Chinese technology billionaire Lei Jun, founder of consumer electronics company Xiaomi, Inc.