Cryptocurrency mining giant Bitmain has released documents revealing that the company is about to go public, with plans to file an initial public offering potentially as high as $18 billion at a market capitalization of $40 to $50 billion, reports Coindesk. Bitmain will begin filing in September and aims to be listed on the Hong Kong Stock Exchange in Q4 2018 or Q1 2019. The company has already raised an estimated $1 billion in its pre-IPO round. If successful, Bitmain’s IPO will be twice of the size of Coinbase’s IPO and even more than Facebook, which raised $16 billion in 2012.
— CoinDesk (@coindesk) August 10, 2018
Founded in 2013, the Beijing-based company has achieved exponential growth annually since its inception. Bitmain reported annual revenues of $2.5 billion last year and is projecting profits over over $10 billion by the end of 2018. Additionally, Bitmain runs a booming mining operation that is estimated to control over 40 percent of the Bitcoin hash rate.
Bitmain was founded by Jihan Wu and Micree Zhan and was originally intended as an engineering company for advanced application-specific integrated circuit (ASIC) chips designed to mine Bitcoin. The business quickly took off, with 70 to 80 percent of Bitcoin mining now being done using Bitmain’s commercially available mining hardware. The company has opened up mining centers across the globe in places like Washington, Quebec and Israel. In order to gain greater influence in the U.S., Bitmain has recently purchased a 20,000 sq. foot office in Silicon Valley.