Leading manufacturer of mining equipment Bitmain could go public with a record for cryptocurrency industry placement of securities.
According to Bloomberg, Bitmain CEO Jihan Wu is preparing the basis for an IPO and may implement his plan in the near future. If this happens, then Hong Kong or overseas platforms where trading is conducted in US dollars will be considered as the jurisdiction for the placement of securities. About this in during the interview said the head of the company himself, who in the past avoided talking to the press.
“The challenge is to take our technology beyond what we have already achieved,” he said..
According to Wu, his company earned in Last year $ 2.5 billion, that is, slightly less than analysts previously assumed. Bitmain also earned 12 times more than Canaan Creative, another mining hardware manufacturer that recently decided to go public, during this period..
According to some reports, Bitmain can control up to 80% of the market for specialized cryptocurrency mining devices. Wu estimates his company at $ 12 billion, while third-party appraisers cite values of about $ 8.8 billion. Together with co-founder Mikri Jean, he owns 60% of the company, with Wu owning a smaller stake. The head of Bitmain refused to answer the question about his personal investments and cryptocurrency savings..
Analyst at Mizuho Securities Asia Ltd. Kevin Wong believes that the release valuable papers Bitmain will attract the attention of Hong Kong investors, whose options for investing in companies of this kind are still very limited.
“They can overestimate, because there are very few companies like them. However, the viability of their business is in question, “he said, referring to the high competition in the mining equipment market and the volatility of cryptocurrency rates..
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